America is a land of dazzling cities, landscapes and real estate possibilities. It’s the birthplace of global metropolises such as New York City, Chicago, and Los Angeles, and of diverse communities that span ocean-to-ocean and showcase towering coastal redwoods, sunny desert communities, chiseled mountain ranges, and tropical beaches and palm trees. Drawn largely by its “sunbelt” communities and affordable real estate markets, Canadians purchased more than $9.4 billion in U.S. real estate in 2011 alone.
In recent years, affordable real estate prices, along with the strength and stability of Canada’s currency and economy, have made vacation homes and secondary properties appealing in a vast array of U.S. markets, particularly in the sunbelt, which includes southern states like Florida and Arizona.
According to the National Association of REALTORS® (NAR), Canadians purchased over $9.4 billion in U.S. real estate in 2011 and nine out of 10 used cash. NAR reports that since the beginning of 2009, a Canadian buyer has purchased a home every week worth at least $1 million in Maricopa County, Arizona. Other markets popular with Canadians include various communities in Florida as well as Palm Springs, Palm Desert, Las Vegas and Hawaii.
At the same time, Canadian buyers and investors have also influenced real estate markets outside the U.S. sunbelt; in 2011, for example, they purchased $2.02 billion in commercial property in New York. Other areas that have held broad appeal are Vermont, the Carolinas, Washington State and Virginia.
Whether you’re seeking a private vacation home for your family, a secondary home for retirement, or investment properties to broaden your real estate asset portfolio, our U.S. real estate experts can help you navigate cross-border negotiations and advise you on liability, ownership and transaction concerns. Our network of associates in over 375 Sotheby’s International Realty offices across the U.S. can also provide local insight into the neighbourhoods and properties you’re considering, and advice on the best return-on-investment for your real estate asset portfolio.