Arizona Real Estate And Canadians
If you’ve noticed the widespread sightings of red Maple Leafs lately, it’s not your imagination. Or if you for some strange reason have been feeling the urge to burst out into song to a verse of “Oh Canada” you are not going crazy. Canadians are buying property in the USA in record numbers particularly in Arizona and in fact have accounted for almost 20% of all foreign sales recorded in Maricopa Country.
There are many factors that make Arizona Real Estate very attractive to our Northern friends. Do we here in Arizona have great weather? Yes we do! Do we in the US have historically low interest rates at the moment? Absolutely! If fact , the area at an all time low, but there is also a huge factor that is part of the equation that makes investing in Arizona Real Estate so enticing to Canadians and has been pulling them to the table in droves and that is… the rate of exchange between Canadian and American Dollars.
And just what is the average rate of exchange between the Canadian and American dollars? While the figure does shift slightly from day to day, the current exchange is around $1 American to $1.05 Canadian. This is an amazing difference from the rates only a few years earlier. This means that the many affordable homes in the Phoenix, Arizona real estate markets are even better bargains then before.
For many years, buyers looking for a second home, retirement property, or real estate investment in Arizona Real Estate markets were simply unable due to the horrible rates of exchange but that is now no longer the case. Today, that difference is so slim as to be negligible, and the status of the economy has dropped prices so low that it almost doesn’t seem to matter what the rates are.
Consider this; prices on Arizona Real Estate for sale are still far below the actual values. Homes worth half a million dollars are entering the markets at half their real value. This is not because they were over-priced to begin with, although that may be argued among some; it is simply a matter of it being a buyers market in much of the world and in particularly the southwestern United States like the areas of Scottsdale and Phoenix.
History uncovers the truth about this condition, but the underlying reasons are extremely simple. Canadians buying property in the USA and in Arizona in particular must realize the population of this entire metropolitan area has expanded significantly in only around twenty to thirty years. Vast tracks of agricultural lands have been converted into golf courses, beautiful subdivisions, and the facilities necessary to support the booming electronics and computer industries. After all, Intel and Motorola each have several different corporate and production facilities in the region. Now areas that had populations of less than 30k only a few decades ago, currently stand at 200k or more!
Also we should not forget the massive interest in this area from those entering their retirement years. Many of these properties are also perfect for Canadian investors too. As baby boomers retire as they do here and across the northern border warmer weather, the Southwest particularly Arizona has become a Mecca for retirees. So as we can see a perfect storm has been gathering for our Canadian friends to take advantage of the optimum conditions that make it almost a “no brainer” to purchase Arizona Real Estate.
Now we know the reasons for the wide availability of excellent Arizona Real Estate at somewhat low pricing, but we haven’t yet considered how to make bargain pricing even more appealing. What about the Arizona foreclosure markets? Whole articles can be written about the subject but it is enough to point out here that just like any part of the country, Arizona’s home and business owners who did not weather the financial meltdown and as a result, even more bargains can be had from these sources in our Arizona Real Estate market.
Because of this, a savvy Canadian looking to purchase Real Estate in the USA could easily get their hands on a fine property at a substantially reduced price. Of course, the best approach to this sort of project is to work with a knowledgeable Arizona Realtor who knows the area and the great properties becoming available. Check back on this site for more information as we continue to help Canadians find the best deals in the Arizona Real Estate market.
