Canadians snapping up real estate in Arizona – #realestate

Canadians snapping up real estate in Arizona

One real estate agent says his clients are up to 70 per cent Canadian

Sonia Aslam May 15, 2010 13:34:23 PM

VANCOUVER (NEWS1130) – With an increase in foreclosures, many Canadians are heading to Arizona to buy a property.  Phoenix-based real estate agent Bill Drummey says his clientele is 60 to 70 per cent Canadian.

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Drummey, who has been an agent for almost a decade, says the strong Canadian dollar and year round warm weather has made Arizona a housing hot spot.

He says most people are grabbing condos — because they’re easy to maintain, or homes near golf courses or in gated communities.  Drummey explains buyers are soaking up great deals right now, paying hundreds of thousands of dollars less in the U.S. than what they would normally pay in Canada.  “You can buy now homes, that were at one point $3 million that are down to almost $1.2.”

Drummey says the other attraction for buyers is the central location of Arizona, it’s only a hop skip and jump away from San Diego, L.A. and Las Vegas.

He adds most people are paying cash and putting about 30 per cent down for a new place.  However, it won’t last forever – Drummey expects the market to cool off over the next year or two.

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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