" alt="" />Canadians retained their spot as the No. 2 international buyers of U.S. property, with Florida coming in as the most popular state among this investor group, according to the 2017 National Association of Realtors’ International Activity in U.S. Residential Real Estate Report.
Despite the weak Canadian dollar, (one Canadian dollar will get you 79 U.S. cents) Canadians remain key home buyers. Of the nearly $20 billion in U.S. real estate purchases, $7 billion were in Florida alone. Other popular states include Texas, California, New Jersey and Arizona.
Canadians have more than doubled their spending on U.S. properties. Between April 2016-March 2017, Canadians spent $19 billion on U.S. real estate, up from $8.9 billion the previous year.
In Canada, house prices rose by 10 percent in 2016, compared to 5 percent in the U.S. In particular, Vancouver housing prices rose sharply over the past year by 17 percent. The U.S. housing market saw modest price growth compared to Canada’s housing markets, which may have played a role in increased spending on U.S. properties.
Foreign US Home Buyers
Foreign purchases of U.S. residential real estate surged to the highest level ever in terms of number of homes sold and dollar volume.
Foreign buyers closed on $153 billion worth of U.S. residential properties between April 2016 and March 2017, a 49 percent jump from the period a year earlier, according to the National Association of Realtors. That surpasses the previous high, set in 2015.
The jump follows a year-earlier retreat and comes as a surprise, given the current strength of the U.S. dollar against most foreign currencies, which makes U.S. housing even more expensive. Apparently, the value of a financial safe-haven is outweighing the rising costs.
Half of all foreign sales were in three states: Florida, California and Texas.
Orlando Business Journal, CNBC August 18, 2017
This May has seen a lot of stormy weather, but the real estate market continues to shine. Dollar Volume for Townhomes/Condos was $204.8 million in May 2017, an incredible increase of 27.8% from $160.2 million in May 2016.
Marriott Luxury
The Pinellas County residential real estate market holds strong at the close of 2016. Dollar Volume for Single Family Homes increased 8.1% year-over-year, with $329.0 million in 2016 versus $304.3 million in December 2015. Dollar Volume for Townhome/Condo was $147.9 million in December 2016, up 6.6% from $138.7 million in December 2015. The number of Closed Sales for Single Family and Townhome/Condo combined for December 2016 was 1,875, down 3.5% from 1,944 in December 2015.
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WASHINGTON – March 17, 2016 – Home prices are rising three to four times faster than wages, and credit conditions are loosening, say Lawrence Yun, chief economist for the National Association of Realtors®. Those conditions usually prompt housing analysts to start uttering the words “housing bubble,” but Yun discounts those warnings.