A Toronto broker says cross-border relocations are a growing trend in the GTA
Prime Minister Mark Carney says Canada’s old relationship with the United States is “over” – and the cross-border tensions that erupted last year are also convincing many Canadians to reassess their property holdings in the US, with many reportedly ready to sell up and reinvest in Canada.
Last August, a survey of Canadian snowbirds conducted by Burson for Royal LePage found 54% of Canadians who own US residential property were considering selling within a year, with 62% of that group citing the current US political administration as the main driver. Roughly a third of sellers said they planned to direct the proceeds into Canadian real estate.
The main reasons for that political discord are no secret: a wave of tariffs launched by US president Donald Trump after taking office, coupled with his repeated remarks that Canada should become the US’s so-called 51st state.
And even though Canada’s national housing market has struggled to find its feet so far in 2026, some mortgage industry members have noted higher interest from Canadians who had moved south of the border but are now weighing up a move back home.
Drew Donaldson (pictured top), the Toronto-based founder and chief executive officer at Donaldson Capital, told Canadian Mortgage Professional his firm is fielding a growing share of business from people relocating into the Greater Toronto Area (GTA).
That cohort includes not just Canadians hoping to return after a stint in the US, but also Americans who see opportunity in the Toronto market because of a stronger US dollar and the opportunity to snap up deals.
“We seem to be getting [interest] from Americans that are buying in the Toronto market as of late – relocations and things like that – and people who are originally Canadian that may be moving back,” he said.
Why more Americans and expat Canadians are considering Toronto
Much is made of the brain drain from Canada to the US, but while the flow going the other way is less noteworthy, Donaldson still sees it as a positive trend for the Toronto market.
“People only talk about all the people exiting Toronto to go to the US,” he said. “And I agree that there is a large cohort of people doing that, but there’s also some flowing back the other way.”
While the political factors grab headlines, Donaldson sees other reasons, including currency advantages and job considerations, as key drivers of the trend.
“I think it’s relocation with their jobs and liking how low the Canadian dollar is,” he said. “Some of those people who do move [to the US], sometimes two years later they move back.”
Financing challenges for cross-border buyers
The process to secure a mortgage for a buyer coming from south of the border isn’t necessarily any more complex than for someone who’s already based in Canada, although compliance timing can be a friction point.
Funds arriving from the US are subject to the same anti-money laundering scrutiny as funds from any other country, regardless of the closeness of the two economies.
Canadian financial institutions are required to verify the source of large incoming funds under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA), which is enforced by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
A lead time of 30 to 45 days applies regardless of whether the buyer is a returning Canadian or first-time American purchaser, and those who don’t plan for it can run into closing delays.
That means the biggest advantage mortgage brokers can often offer cross-border buyers isn't necessarily a particular rate or product, but rather familiarity with how to sequence financing, currency conversion and compliance checks so a cross-border move doesn't stall at the closing table.
"And we can really help and add value to Americans or past Canadians that are moving back to Toronto," Donaldson said. "We can use their US income and we can do various different things to help with their mortgage."
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