Last year, the National Association of Realtors ranked Arizona as the fourth most popular state to invest in its "2016 Profile of International Activity in U.S Residential Real Estate," and a blog post on the Arizona of Association Realtors website said 58 percent of the buyers were from Canada and Mexico.
Arizona followed Florida on the list and many often prefer Arizona as their favorite state to invest in a vacation home, the blog said.
The blog also discussed what it called myths regarding selling real estate to Canadian buyers.
One myth about seeing only Canadian sellers could be due to the fact that “it is costing Canadians roughly 10 percent more than in the past due to their currency,” the blog said.
Another myth said Canadians are preferring to wait to purchase a house. “This isn’t a currency issue, but hesitancy due to pending immigration laws that may affect travel to the U.S.,” the blog said.
Yet another myth says there isn’t a huge real estate opportunity for the Canadian investment buyer any more. But new taxes in part of Canada are making investment in the U.S. more attractive, the blog said.
There is also a myth about Canadian understanding the U.S. banking system because it is similar to theirs, the blog said.
Similarly, there is a myth about the mortgage process in the U.S. being familiar to Canadians, but the blog said Canadians are sometimes hesitant and confused when purchasing home in the U.S. because a home loan can sometimes take months to approve, whereas in Canada it usually only take a couple of days.
The blog said that to close a real estate deal with Canadian buyers, refer them to a Canadian bank that does business in the U.S.
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