Soaring 'Loonie' has Canadians looking south of border for real estate bargains
Vancouver is the nation's 'hot spot
Canada has been enjoying a great real estate market with double-digit appreciation for most of the last five years. The only exception was a brief downturn at the beginning of last year with the onset of the global economic crisis. That downturn only lasted a few months (if you blinked, you missed it!), and since then the market has come roaring back with record-breaking prices from the Atlantic to the Pacific. With the average MLS home price in Canada sitting at just over $335,000, Vancouver is the nation's 'hot spot'.
Canadians looking to spend big bucks in The States
So with prices currently running high in major markets all across Canada, is it any wonder that some Canadians looking to buy a vacation home, income property or retirement home are eyeing the prospects in the U.S. with new interest?
American real estate is more affordable than most Canadians can ever remember.
Canadians - and the Canadian news media - are intently interested in American real estate right now. The big news in Canada recently has been the Canadian 'loonie' hovering at near or even above par with the American greenback. This increase in the buying power of the Canadian dollar, along with U.S. home prices caught in the grip of a housing downturn have combined to make U.S. real estate seem like a relative 'bargain'. In fact, in many markets, American real estate is more affordable than most Canadians can ever remember.
Full article at EMC Business
