Moneywise
So, why exactly are Canadians deciding to pack up and stay home, and what impact could this have on local U.S. economies?
According to National Association of REALTORS® (NAR) data, Canadians spent a total of around $5.9 billion in U.S. residential real estate between April 2023 and March 2024, making up 13% of foreign purchases.
These buyers bought homes at an average of a $834,000 price tag, making it the second highest average amount. This was credited to Canadian buyers purchasing homes in resort areas, where property tends to be more expensive.
Florida (41%) and Arizona (23%) topped the list of states where Canadians purchase homes, making up almost two-thirds of home sales. Nearly half (49%) of Canadians bought these properties as vacation homes, while one-fifth (22%) intended to use them for both vacations and renting.