Canadians – Where art Thou?
The number of Phoenix metro area homes bought by Canadian buyers has dropped by at least half compared to last year. As an example of how that trend has progressed, according to Mike Orr of ASU less than 1% of homes were sold to Canadians in August, 2015. A few years ago that percentage was around 5%.
Why the change?
The big reason is currency exchange rates. After many years of being worth more than the dollar, the Loonie as of November 13, 2015 is worth only .75¢. This has also prompted those from the Frozen North to sell and take enhanced profits. But as we are still attractively priced compared to their real estate prices and have the sunshine and warmth they crave in the winter, Canadians will always be significant players in the Valley of the Sun housing market.