Canadians Join Wealthy Chinese, Russians In Buying US Properties

International Business Times 

Canadians have been purchasing property in the United States in record numbers, with the period between spring 2016 and 2017 seeing an all-time high of $19 billion, it was reported Saturday. The figure from a report by the National Association of Realtors (NAR) is believed to be something of a surprise due to the relative weakness of the Canadian dollar against its U.S. counterpart. Experts, however, said there are two buyer groups for whom the exchange rate currently is not a factor -- retirees, and investors wanting to cash out of the Canadian real estate markets in Vancouver and Toronto. According to an economist with the NAR, Lawrence Yun, the real estate market in those Canadian cities has done so well, it has allowed many investors to build up equity. And the fact that prices are still rising now means they are looking to spend their money elsewhere, according to CBC. "Canadian consumers are seeking out bargains and they see big bargains south of the border," he said.