Over the 12 months ended March 2015, Canadians purchased U.S. properties at an estimated $11.2 billion in total value, a decrease from last year’s level of $13.8 billion, based on information from NAR’s2015 Profile of Home Buying Activity of International Clients. Canadian buyers accounted for approximately 11 percent of total international sales in dollar volume. Close to 80 percent were non-resident clients. About 41 percent of purchases were in Florida, and 16 percent were in Arizona, which are preferred destinations for their warm climates. About 47 percent of purchases were for vacation purposes, so Canadians preferred to purchase in suburban and resort areas. There is almost an even split between single family-detached homes and condominiums and townhouses combined. On average, Canadian buyers purchased a property valued at $380,292. About 73 percent of buyers purchased on an all-cash basis.
Jed Smith is Managing Director, Quantitative Research with the National Association of Realtors®. He has worked on real estate issues for the past 20 years, providing input on a variety of housing, commercial real estate, tax, and planning issues. Recently he has been involved in several international studies.