Who would have believed it?
Sure the tidal wave of Americans coming to Canada after the Trump victory was to be overwhelming. Hollywood would be a ghost town. Properties would be flying off the shelves so to speak.
Curious then that it is Canadians with the Chinese that are driving residential sales to foreigners in the US to record heights. Tis called self interest. Why buy in over priced Vancouver and Toronto when you can get comparable residence at lower price next door. I guess Trump must not be much of a factor. Note an excerpt from an article in the Wall Street Journal:
‘ The recent surge in foreign buying was driven largely by Canadians flocking south to escape their own overheated real-estate markets. U.S. home prices are starting to look like a bargain compared with Vancouver and Toronto, where prices rose nearly 30% in the year ended in March. The gains slowed to a 6% year-over-year increase in June.
“There’s the flashing red exit sign going ‘It’s time to get out now,’” said Brent Leathwood, a broker in Florida who said he is seeing an uptick in Canadian buying.
The real-estate boom up north also helps give Canadians the cash to invest in vacation properties to the south. Mr. Leathwood said he recently worked with a couple who flew down from Vancouver.
“They’re shocked at what $300,000 or $400,000 will buy them,” he said. In Florida they can get a detached single-family house in that price range, while in Canada even an 800-square-foot condo is roughly twice that much, he said.’
The 12 months ending in March saw $153 billion of foreign buying in residential properties in the US , a record. The previous record was $105 billion. China is first , but Canada is second—all this notwithstanding all that negativity emanating from the mainstream press about the US.
Canadians may think they like our political correct , selfe obsessed Junior PM but when it comes to the pocket book and recent real estate purchases Trump’s America gets their money.