Supply not meeting demand will push housing prices higher
btw, I wonder how much of those houses in the South are Canadians buying
Which foreign buyers are snapping up record amounts of U.S. real estate? Surprise, it’s Canadians
Canadians purchased 33,819 properties in the U.S., the top five destination by state Florida, Arizona, California, Texas and Georgia. Those numbers pale in comparison to the 69,135 purchases in 2010 when the dollar was near par. But Canadian activity has perked up over the past year, thanks to rapidly rising domestic prices, which appear to have helped finance stateside purchases.
The realtor group looked at sales over a 12-month period from April, 2016 to March, 2017 and saw an almost 26 per cent jump in purchases from a year earlier among Canadians. The average property price by Canadians during that year-long study was $560,844, an almost 69 per cent jump from the average price a year earlier.