Great time to buy U.S. real estate
With the rise of the Canadian dollar and the downturn of the U.S. housing market, now is a great opportunity to purchase recreation property across the boarder.
U.S. markets are seeing dramatic drops in housing prices as the result of the credit crunch and sub-prime mortgage lending practices. Some areas are experiencing a 15% to 20% decrease in prices for 2007. Considering pre credit crunch appreciation of 10% to 15%, the current downturn represents an effective price decrease of 25% to 35%. Add this to the approximately 20% increase in the Canadian dollar for 2007, and you have opportunities that have never before been seen.
According to Sherry Cooper, chief economist at BMO Nesbit Burns, "Now is a great time for Canadians to buy their dream vacation properties in the U.S. With our dollar near par and U.S. sellers anxious to deal, top-end properties in the U.S. now seem relatively inexpensive in luxury locations."
For more information about purchasing real estate in the U.S., or for Realtor names in all U.S. cities, give us a call at 604.983.2518 or visit our contact us page.