Rising Arizona costs pushing Canadians to leave

by MPA19 Jan 2016
A combination of appreciating market value, improving exchange rates, and rising costs of living is behind the recent surge of Canadians selling their properties in U.S. soil, according to real estate industry players.
The latest figures showed that a significant number of Canadians who purchased U.S. homes between 2008 and 2011 are now enjoying generous dividends from selling these properties.
“My clients, when they call me, they're ready to sell. It's just too good of an opportunity to pass up,” Arizona real estate agent and former Winnipeg resident Diane Olson told CBC, as quoted by Yahoo! News.
Olson specifically pointed at the cases of homes that were originally purchased for $200,000, which are now going for an average of $275,000 to $350,000. Healthy exchange gains between the Canadian and U.S. dollars also mean that sellers are making as much as $42,000 for every $100,000 of a property’s value, making the expertise of cross-border accounting specialists all the more crucial.
Aside from the profit motive, a marked increase in the costs of living in Arizona is responsible for the Canadian exodus, Olson said.
“Airfares have gone up… Golf, for example, everybody used to get great deals. Golf now has gone up significantly,” Olson observed.



Is TILA-RESPA a good or bad thing long term?