After several months of resting below parity when compared to the Canadian dollar, the U.S. dollar has held the upper hand for the past month or so. Now comes this news, that futures traders are betting for the first time in 2 1/2 years that the dollar will strengthen against the Euro.
Though it would be prudent for Canadian buyers to keep an eye on the exchange rates, just in case there’s a significant change, some experts say the window of opportunity to purchase in the United States due to a near-parity Canadian dollar should remain open into next year.
Movement against the Euro is of more interest as an indicator of the strength of the U.S. economy more so than something that likely will impact the Phoenix real estate market.
At Destination RE/MAX last month, one of the company’s international marketing folks said that Europeans are looking for properties on the East and West coasts and also in Arizona. But that hasn’t been the case – at least as far as Arizona is concerned.
Consider we’re an additional four-hour flight from any East Coast destination – a geographic factor that limits even Canadian buyers to those from the western provinces – and the possible impact of cash-rich European real estate buyers in Phoenix remains slight at best.
(h/t to John Wake for finding the Bloomberg article)
[tags]Phoenix real estate, Canadians buying Arizona real estate[/tags]