ReZamp Real Estate: Canadians spent $1.8b in AZ real estate

Tuesday, August 18, 2015

Canadians spent $1.8b in AZ real estate

The big Canadian rush is over, but that doesn't mean Canadians are no longer buying real estate in Arizona. The following charts as well as NAR's International Home Buyer Profile (download it below) provide evidence to support that position.

Dollar Volume

Volume is down compared to previous years, but still healthy. One of the major reasons for this decline is an 18% depreciation in the Canadian dollar vs. the US dollar. As of today, $1USD is equal to $1.31CAD, which is an increase of $.20CAD since Q1-2014.

Canada vs. Other Countries

Most international purchases occurring in Arizona are from Canadian buyers, by a big margin. Overall, Arizona's share of international sales is 5%, placing it fourth behind Texas (8%), California (16%), and Florida (21%). 

Average Home Price

The average price of homes bought by Canadians is $380,300, with 73% of buyers paying in all-cash.

Key Takeaways
Here are TWO of the most common reasons why foreign deals fall apart, and what you can do to prevent that from happening.
  1. 17% of foreign buyers did not make a purchase because they could not find a property.  Meeting the needs of the international home buyer requires an additional level of skills, i.e., special training regarding cultural issues, the informational needs of individuals not familiar with US practices, and experience with regulations regarding international purchases. For example, potential foreign buyers may also be unfamiliar with U.S. practices in regards to condo and other fees and property taxes.
  2. 17% of foreign buyers did not make a purchase because they could not obtain financing. While a majority of Canadians pay in cash (73%), that still leaves a decent chunk who finance properties. The key takeaway here is to connect with your preferred loan officer to see if they have a foreign financing program.

    If your LO does not have a program, contact Jon Tobias (Fairway Mortgage, 480-626-2202) or Myron Chamberlain (Prime Lending, 480-538-4949) to see if they can help.
2015 NAR Profile of International Home Buyers
Click on the link below to download NAR's extensive 2015 Profile of International Home Buyers to see more research not only on Canadian buyers, but on the rest of the world, which spent $104-billion on US real estate in the 12-months ending March 2015. Specifically, China (30% YoY growth) and India (36% YoY growth) are spending a lot in the US.
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