Vancouver Real Estate - Going South
Posted August 8th, 2008 in Real Estate, Real Estate Stuff
Snowbirds Still Fly South
Canadians are among the top buyers of US destinations. Lately there has been decline in foreign home buying that could be reflective of our local issues or the general downturn in the U.S. housing markets.
Nervous
We like many U.S. buyers, are waiting for the continued price decline to reach reach bottom before making a purchase. Another aspect is the uncertainty that investment in a U.S. property will see returns.
More of Us Buying Condos
Compared to a previous 2007 study the share of buyers from Canada and Mexico increased from 23.4 percent to 32.7 percent. Canadians are mostly buying condos or apartments showing little interest in buying single-family homes.
Favorite Places
Most Canadians buy in Florida, predominantly pay cash and are buying a vacation home.
Fences
Road blocks in the form of taxes, insurance and Tax Laws present the greatest barriers for Canadians wishing to buy US property. In addition are financing requirements for 30% down and volumes of paper work amongst which is the complete documentation of income and financial health.
Want to Buy Sunshine
Let me know and I’ll introduce you to some great U.S. Realtors who can help make it easy.
Got a Vancouver Real Estate question? Always happy to answer it. Call or send me an email or twitter me @yattermatters.
Larry
Information Courtesy of Inman News based on a NAR Study
