Home > real-estate > Americans buying Canadian homes or vice-versa?

Americans buying Canadian homes or vice-versa?

I think it is well known that  lots of wealthy boomer Canadians own winter houses/condos in the southern US sunny states… According to David Rosenberg, this might be whats keeping the housing market buoyant (relatively) [emphasis mine]

With regard to the U.S. housing market, we see that a saviour is in the making — Canadians flocking en masse for cheap subprime real estate south of the border. See U.S. Housing Calls to Canadians on the front page of the USA Today.

He also points out that Americans are buying condos in Toronto?!?!

Meanwhile, the cranes that dot the Toronto skyline remind me of the late 1980s (though interest rates are thankfully a fraction of those levels today) and there is plenty of anecdotal evidence that it is Americans (and Asian investors too) who are coming in and gobbling up these (overpriced for the most part) condo units. Was this part of the Free Trade Agreement — condo swapping?

This is news to me. Where is the evidence?

While on the topic of cranes in Toronto, on a recent visit to Mississauga, I noticed there were many more cranes than in downtown Toronto today… circa 2005 Toronto?


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