Canadians Mount Up, Head to Phoenix to Buy Homes: John Burns
The percentage of Canadian homebuyers in Maricopa County, which includes Phoenix, has been climbing since 2007 and now accounts for a larger sales volume than California, according to John Burns Real Estate Consulting. Canadians purchased 4.2% of all homes sold in the area in June while Californians accounted for 4.1% of total homebuyers during the month. Canadians previously accounted for as low as 0.2% of sales volume for the area, the firm said, citing data from The Information Market. The strong Canadian dollar and increasingly affordable Phoenix market have increased demand from Canadians looking for second homes and seasonal properties, with many buyers paying in all cash, according to the Irvine, Calif.-based company. The Canadian dollar peaked against the US dollar in July 2007, and housing prices around Phoenix are down 51% from 2006 highs, the consulting firm said. Write to Jason Philyaw.