As we reported recently in our story Foreign Money Finds Home on the Range Leaving California Behind, Chinese nationals are the top group of foreign buyers of U.S. homes and are moving inland for lower prices. The Canadians, on the other hand, still prefer sunny states like California, and despite the falling value of the Canadian dollar, the high end of the market hasn’t been affected as much, say agents in Florida, California and Arizona—the three states with the most Canadian buyers.
Down about 10% over the past year, the falling Canadian dollar (also known as a “loonie,” due to the image of a loon on the dollar coin) is shifting the landscape of foreign buyers in the U.S.
For the first time, Chinese have overtaken Canadians as the biggest foreign purchasers of U.S. property by total number of transactions, accounting for 16% of sales to international buyers in the 12 months ending March 2015, according to the National Association of Realtors. Canadians accounted for 14%—down from 23% in 2013.
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