Yesterday I was in my title company of choice talking to the account executive and another escrow office when the topic of Canadians buying real estate here in the states, particularly Arizona, came up.
“The Canadian dollar’s still killing ours,” one of them said.
“Not really,” I replied, pointing them to this site and the nifty widget to the left. This is the second time in a week where I’ve seen the Canadian dollar slip ever-so-slightly below the U.S. dollar. It’s only a difference of a penny one way or the other and in general the idea of parity (or a penny below) beats the $1.20 of mid-2007 (not to mention the $1.40 from the 1980s another Canadian buyer mentioned last week.)
Many Canadian buyers are sitting on the fence at the moment, trying to decide whether the Phoenix real estate market will move lower over the next several months. But the fence on which they are sitting is shifting, and with each shift away from parity the real cost of buying here in the States rises.
This isn’t one of those “it’s a great time to buy” stump speeches NAR foists upon us. But I do encourage you, if you’re serious about buying here in Arizona, to keep a close eye on the exchange rates. Because the changes there could be more rapid and more costly than any change in the property values here in the Valley.
[tags]Phoenix real estate, Canadian buyers U.S. real estate[/tags]