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A tumultuous political environment isn’t scaring international buyers from investing in US residential real estate.
Foreign investment in US residential real estate hit a new high this year, driven by an increase in sales dollar volume from Canadian buyers, according to a new survey by The National Association of Realtors.
Foreign buyers and recent immigrants bought $153 billion of residential property, which represents a 49% jump from last year.
It is true -- while my peers in Canada are all retiring ...somehow they have money for a primary residence, a 'cottage' in Canada and then a place in Florida.
Dang what are they doing right up north.
My peers here are all still working their asses off....sigh.
Looks like the U.S. dollar is slipping vs. the Canadian dollar, so Canadians have more purchasing power at the moment.
If you look at the last 10 years, the US dollar is stronger on average in 2017 than any other of the last 10 years. For example, in 2011, the Canadian dollar was stronger than the USD but now it's 22% weaker. The last few days and weeks there has been some weakening of the USD but overall, it's still much stronger than it has been traditionally.
This isn't the first time in our history this has happened.
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