Canadian exodus: Political shifts spur property sales in the US
Canadians, who for years have been the dominant foreign property buyers in the USA, are now starting to sell. As the "Washington Post reported," the main reasons are political uncertainty and the economic situation.
Many Canadians are giving up their decades-old vacation homes in Florida or Arizona. Local real estate offices confirm this trend.
Political and economic reasons for selling
Canadian teacher Nathalie Mancuso from Montreal admitted that she felt "increasingly uncomfortable" after the Trump administration announced new tariffs on Canada. In March, Trump suggested that Canada was the "51st state" of the USA, and she decided to sell her property in Florida.
"The final decision was based on the political situation. We were scared of what might happen," said Mancuso.
An additional factor is the decline in the value of the Canadian dollar compared to the US dollar. Furthermore, property prices in popular winter resorts have increased, making selling more profitable.
Concerns about future changes
Real estate industry representatives note that clients are concerned they may become unwelcome in the USA. They also fear increased property taxes on homes owned by Canadians and possible travel restrictions.
Catherine Spino, an industry representative, observed that since January, the number of Canadians wanting to sell their properties has doubled compared to previous years.
Canadians have been the largest group of foreigners buying properties in the USA for years. Between 2010 and 2013, they accounted for about 23 percent of all foreign real estate purchases, and last year they comprised 13 percent of buyers.
