The Canadians are coming!!!

The sliding housing market and recession are good news for our neighbors north of the border. A recent article in the Edmonton Journal talks about how Albertans and other Canadians are scouring the once red hot markets in the US for deals and steals. The story cites that home prices are down in Las Vegas by 13.2 percent. That combined with a strong showing against the US dollar by the Canadian dollar (loonie), Canadians are looking to buy property in the once red hot markets now in a slump, like Las Vegas, Phoenix, San Diego, Miami and Tampa. Never before has it been a better time for Canadians looking to buy property in the US.

Vacation destinations are the most likely to see an influx of Canadian and other foreign buyers. Personally I've had more foreign buyers inquiring about some of the Las Vegas high rise condos for sale, especially in the strip area. It will be interesting to see what impact these buyers will have on those markets.

This is great news for vacation and second home sellers. Local statistics are showing a slight upswing in the amount of properties sold as well as a stablization of prices.


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