Soaring ‘Loonie’ has Canadians looking south of border for real estate bargains | #Toronto #realestate

Soaring ‘Loonie’ has Canadians looking south of border for real estate bargains

Posted May 13, 2010 By Robert Pugh


EMC Business – Canada has been enjoying a great real estate market with double-digit appreciation for most of the last five years. The only exception was a brief downturn at the beginning of last year with the onset of the global economic crisis. That downturn only lasted a few months (if you blinked, you missed it!), and since then the market has come roaring back with record-breaking prices from the Atlantic to the Pacific. According to recent statistics from the Canadian Real Estate Association (CREA) the average MLS® home price in Canada sits at just over $335,000, with Vancouver being the nation’s ‘hot spot’. Prices for a centrally-located single family home there are approaching a million dollars!

So with prices currently running high in major markets all across Canada, is it any wonder that some Canadians looking to buy a vacation home, income property or retirement home are eyeing the prospects in the U.S. with new interest?

Canadians – and the Canadian news media – are intently interested in American real estate right now. The big news in Canada recently has been the Canadian ‘loonie’ hovering at near or even above par with the American greenback. This increase in the buying power of the Canadian dollar, along with U.S. home prices caught in the grip of a housing downturn have combined to make U.S. real estate seem like a relative ‘bargain’. In fact, in many markets, American real estate is more affordable than most Canadians can ever remember.

INTEREST WON’T FADE

The interest in retirement homes isn’t likely to wane any time soon. Canada’s demographics are shifting due to the aging ‘baby boomer’ population. Watch for a heightened interested in American property from Canadian buyers in the months ahead, especially in those sunshine destinations most favoured by retiring Canadian ‘snowbirds’, such as Arizona and Florida.

Thinking of buying real estate in the U.S., but don’t know where to start? You can begin right here at home, with your local real estate representative. They can help you ‘crunch the numbers’ to help you determine how much home you can afford. If you have equity in a property here in Canada that your want to use towards a second property, they can also connect you with mortgage financing help. And when the time is right to make your move, your local real estate representative can help put you in touch with the right agent from a network of close to 100,000 sales associates worldwide.

Posted via web from Toronto Real Estate News, Blog

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About Tariq Sultan
Dear Readers, I am a dedicated Toronto, Ontario based real estate professional who has been successfully meeting and exceeding the needs of his clients for past several years. I am actively involved in the insurance, financing, and mortgage industry. Real estate is not only my career – it is my passion. I strive to continuously provide my clients with exceptional service to ensure they are fully satisfied when it comes to their real estate needs. For any real estate related inquires contact me today, I will be happy to assist you. Best wishes, Tariq Sultan

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