Consider Buying South of the Border.
Oct 13th, 2007 by Dan Standeven
With the ever increasing value of the Loonie, and an economy that doesn’t seem to slow down, why not consider buying in the USA. If you have ever thought of buying property down south this is the time to do it.
Here is Why?
1) As stated in the intro, the Canadian dollar is at or near par with the American dollar, The higher the dollar rises the more attractive property becomes south of the 49th.
2) House Prices in Canada continue to rise, the attractiveness of buying a property in the USA when the real estate market there is in a buyers market allows for great deals.
3) Canadian Vacation property is at a premium. I know I know we are known as a cold country and although it is not 12 months of continuous winter we do have some cold months. If you can find a desirable spot in Canada for a vacation property your going to pay through the nose for it. In America there are a lot of warm states so vacation property is more readily available.
4) Americans are more willing to take offers from Canadians because we have cash. Putting a downpayment of 10-20% is nothing new for Canadians, with the ability to add some equity and not finance the entire property gives both mortgage companies and sellers more confidence in the Canadian buyer.
If you are planning on investing in some property don’t limit your search to Canadian properties, you might be missing out on some deals south of the border.
Real Estate, real-estate, Canada Real Estate, Canadian Real Estate, Home Buying, House Buying, Real Estate Blog, Real Estate Blogging
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Hey Dan,
This is true… but the thing to think about here is that you need to make sure that if you are planning on purchasing cross border, you will want to make it an investment that if it does depreciate in value, you are ok with that, and it’s what I like to call a “lifestyle purchase”
Dag, sad to see that this blog is dead. Come back!
It is a great time to buy in America. I just bought a house myself and I was able to bring the price down dramatically and ask for closing help. You just have to be careful to pick the correct area to buy because some areas are still over priced even though we are in a buyers market.