Canadians now get as much as a 70% discount in certain areas of the US as property value has dropped more than 50% and the strength of the Loonie carried 20% more in purchasing power compared to a year ago. There is definitely interest in US properties at the moment. With over 400 Canadians registering for the recent Arizona Property Seminar hosted by HiFX Currency Exchange in Calgary and another sold out Seminar in Edmonton hosted by Colleen Lynch, Broker with CLA Realty based out of Scottsdale, Arizona. It's clear that this is more than just media hype.
A follow up survey of these attendees indicated that 68% were aged 50 or higher. 75% of respondents indicated they were interested in condos, but of that figure, nearly 35% said they'd also consider purchasing a single family residence. Roughly 50% of attendees said they'd buy property within 6 months if things continued going the way they were, and the other 50% said they would continue to wait for the market bottom.
Many indicators in the Phoenix market show that the bottom has arrived. A steady increase in sales since the beginning of the year is an excellent indicator that the market is going to recover sooner than later. This is the time many investors can really get in on the good deals. The foreclosure market is a great place to start looking to invest. Properties are owned by the bank and are offered at substantially lower prices than the market dictates. CLA Realty offers expert assistance with these types of purchases. See web page we created on foreclosures in Arizona.
Although the US dollar has lost significant ground against most major currencies over the past year, many analysts feel a bottom may be forming. With the FOMC having arguably reached an end in their recent easing cycle, the US dollar looks poised to begin pairing back some of its recent losses.
For more information on buying Arizona Property, please contact Colleen Lynch with CLA Realty. She can be reached on her toll free number at 1-800-985-3672.
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