Canadians big buyers of U.S. homes

August 18, 2023



While American citizens—like all foreigners—are currently banned from buying homes in Canada for two years, Canadians have become the second-largest buyer of residential properties in the United States.
North Vancouver-based Western Wealth Capital (WWC), for instance, has completed over $5 billion in multifamily transactions—a portfolio of more than 29,000 rental apartments across five cities in the U.S. since 2011.
Of the US$53.3 billion worth of U.S. residential real estate purchased by foreign buyers between April 2022 and March 2023, US$6.6 billion can be attributed to Canadian buyers, according to an August 1, 2023 report from the U.S.-based National Association of Realtors (NAR). 
Based on U.S. sales dollar volume, Canada is ranked as the second top foreign buyer. China is first with a dollar volume of US$13.6 billion.
When it comes to the share of foreign buyers in the market, Canada is third (10 per cent) behind China (13 per cent) and Mexico (12 per cent). In the previous 2022 survey period, Canadians were the top foreign buyers of property in the U.S. at 11 per cent.
Canadians are being drawn to the U.S. due to short- and long-term rental opportunities, lower price per square foot, the potential for a vacation home, and agreeable landlord laws. The result is a steady presence of Canadian homebuyers south of the border.
“Apart from, say, New York you’re getting a lot more for your money in these U.S. cities, even some pretty major cities,” said Matt Christopherson, a research analyst with NAR.
Toronto's average per square metre housing price is US$10,947 while Chicago’s is US$1,950, according to the NAR report.