Canadians rethink U.S. property investments amid uncertainties
Canadians, who for years have dominated among 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 holiday homes in places like Florida or Arizona. Local estate agents 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 is 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 American dollar. On the other hand, property prices in popular winter resorts have risen, 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 per cent of all real estate purchases made by foreigners, and last year, they comprised 13 per cent of buyers.
