U.S. REALTORS® have long looked south for foreign buyers and investors as many Latin American countries looked to put their money into an economically stable U.S. market. More recently, it has been our neighbors to the north that have been buying up U.S. properties, drawn by the buying power of the newly strong Canadian dollar combined with depressed U.S. home prices. The largest proportion of foreign buyers of U.S. homes from May 2007 to May 2008 (23.6%) were Canadian, double the percentage of a year earlier, according to NAR's "Profile of International Homebuying Activity" report
. Canadians also represent the largest number of visitors into the U.S. according to the U.S. Dept. of Commerce, with nearly 18 million visiting the U.S. in 2007, an 11% growth over 2006. Various sources cite that 90% of Canadians live within 100 miles of the U.S. border, making this a relatively easy market to reach and also to serve given similarities in real estate practices (including client referrals) and a common language aside from French-speaking Quebec. Read the Wall Street Journal online coverage
of this Canadian homebuying trend, including consumer tips on how to attract Canadian buyers
, which U.S. REALTORS® can consider for their own marketing purposes.
Report compiled by NAR International Operations
NATIONAL ASSOCIATION OF REALTORS®
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