The appetite for real estate in Maricopa County by Canadian buyers currently seems to be quashed. As recently reported by the Cromford Report, there were only 36 homes purchased in July of this year by our northern neighbors across the border in July of this year, reflecting a weak market share of just .035% of all homes purchased.
On the seller side, the Cromford Report stated there were 165 homes sold by Canadian homeowners in the month of July, reflecting sales outnumbering purchases at a ratio of 5:1. This also represents a net negative change in the number of homes acquired by Canadians in the month of July of 136.
In fact, as the Cromford Report highlighted, if you look at the month of July from 2010 to 2016, there is a definite trend in the interest in Maricopa County real estate by Canadian buyers:
Number of homes purchased minus number of homes sold by Canadians:
- July 2016: -136
- July 2015: -108
- July 2014: +12
- July 2013: +78
- July 2012: +223
- July 2011: +307
- July 2010: +310
So what gives?
Certainly the number one reason for the decline negative net change in homes acquired by Canadians is the value of the Canadian Dollar to the US dollar, and its forecast for the remainder of 2016.
Unfortunately, last year Canadians saw a double-digit increase in the median sales price of a home here in the States when valued against their country’s currency.
In the ranking of all international buyers of US real estate, Canada came in second place with China coming in at number one. However, it’s important to note that China’s dollar volume was three times that of Canada’s.
Last year Arizona ranked in the top five states for foreign real estate investment with fifty percent of all foreign purchases taking place in the following states:
- Florida (22%)
- California (15%)
- Texas (10%)
- Arizona (4%)
- New York (4%)
This data clearly shows that Canadian buyers still predominately selected the warm climes of Florida and Arizona to call home.
Are you a Canadian wanting to purchase a home in the Scottsdale/Phoenix area? Or are you a Canadian seller of Arizona real estate? If so, you will want to discuss your plans with Don and Jenny Matheson who specialize in this niche market.
Both Jenny and Don Matheson, co-founders of the Matheson Team, are Canadians who moved to the U.S. in 1995. Don sold real estate in Vancouver and Calgary for 19 years prior to moving south. They offer strategic real estate advice based on current market trends and keep a watchful eye on both the U.S. and Canadian markets.
Contact them today by filling out the contact form below, or giving them a call at 602-694-3200. They look forward to hearing from you.
Realtor | Founder
The Matheson Team – RE/MAX Fine Properties
21000 N. Pima Rd., #100, Scottsdale, AZ 85255