Canadian homebuyers are pulling back from the U.S. Sunbelt markets, causing concern among realtors in popular destinations like Arizona and Florida. High home prices, the unfavorable exchange rate, and new U.S. tax regulations have contributed to the slowdown. According to the National Association of Realtors, Canadian purchases of U.S. real estate have dropped dramatically, falling from a peak of $8 billion USD in 2017 to just $1.6 billion last year. These changes have left local agents scrambling as one of their once-reliable buyer pools shrinks.
Realtors in Sunbelt hotspots have noticed the absence of Canadian buyers who traditionally sought second homes or investment properties in the region. With Canadians now facing greater financial barriers and preferring to stay closer to home post-pandemic, experts predict the trend will likely persist, challenging markets that once benefitted from international demand.
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