In the last 6 months, the Scottsdale AZ real estate market, (and the Paradise Valley & Fountain Hills housing markets) has been witness to an influx of Canadian real estate buyers. 
Many of these would-be home buyers have been winter visitors of friends who own Scottsdale real estate, season renters or vacationers for many years. Over the last several years, these Canadian home buyers and real estate investors have watched home prices in Scottsdale, Fountain Hills and Paradise Valley drop precipitously; in some cases, prices are down as much as 50% from the peak in July of 2006. If you combine the home price drop, the drop in interest rates to under 5% for fixed-rate mortgage and under 4% for adjustable rate mortgages (ARM’s) and the rise of the Canadian dollar versus the U.S. Dollar over the last few years to actually hit ‘par’ (equal to the US Dollar) has caused a Canadian real estate buyer frenzy here in greater Phoenix AZ.
Canadian buyers, mostly from Calgary, and Edmonton, Winnipeg, have been aggressively buying real estate here and explaining to me that it is a no-brainer, asking ‘where else are you going to buy a vacation home’? Florida is too far, taxes are too high and the cost of hurricane insurance is prohibitive if you want to live near a coast. Texas real estate prices have not come down as much and many feel it is not ‘metropolitan’ enough; too ‘American’ if you will. California is way too expensive, and the property taxes are too high. Finally, most Canadian real estate buyers feel that Nevada does not offer the same upside potential for a real estate recovery.
As a real estate broker for investment funds, I should likely learn the Canadian national anthem (besides the first two words) as our friendly neighbors to the north have helped support our local economy.
Fellow real estate buyers, keep an eye on the Canadia Dollar; it could be a forward looking indicator of Scottsdale, AZ home prices.
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Copyright © 2010By James Wexler *Canadian Dollar & Scottsdale AZ Real Estate*
Contact James Wexler (480) 221-8080 for all your Scottsdale AZ Real Estate needs.
That’s not too surprising. I have family up in Canada who is considering moving to Arizona. They’ve been to the North Scottsdale area many times and really like it, and the idea of building a home in Sereno Canyon is very appealing to them. They definitely want to be in a warm place year round, plus some of their friends have already made the move.
I too have noticed a large increase in Canadian residents around Fountain Hills but didnt really piece it together. That is very interesting to hear. It makes sense given the drastic drop in prices and the great weather and location relative to Canada. I too recently had to act on these low, ow prices and purchased a home in Fountain Hills in the Eagles Nest Living Community. Its been wonderful. I love the area. I will have to keep a look out for my new Canadian neighbors eh?
More and more Canadians are buying properties in Scottsdale. I have run into three clients in the past 3 months who own properties in Scottsdale.
Derek Hulewicz