Canadian buyers flocking to Arizona
Canadian buyers are purchasing more and more homes in Arizona according to local realtors.
Agents say the US state’s weather and low price levels is proving a hit with investors north of the border.
Susanita De Diego of Coldwell Banker Canada said: “A cottage property in Canada is roughly three times what you pay for a cottage property here or a second home here in Arizona.”
Currency strength is also attracting Canadian buyers. Coldwell Banker Canada’s president John Geha said: “The Canadian dollar is very strong right now.”
“The economy in Canada is very strong right now and it’s at its highest level of inheritance, where the baby boomers are inheriting for the first time from their grandparents.”
De Diego added that there is a growing trend amongst Canadian buyers to purchase as part of a collective.
“To own that property with two others or 3 other owners is very attractive because how much time can you actually spend in a vacation home,” she said.