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Among Canadian buyers, Florida remains the most popular destination, capturing 41% of purchases, followed by Arizona at 23%
Canada has emerged as the top foreign buyer of U.S. real estate, according to the National Association of Realtors® (NAR) annual survey. From April 2023 to March 2024, Canadian buyers led the international market, accounting for 13% of all foreign transactions, surpassing China for the first time. Despite the challenging market conditions—marked by high inflation, elevated interest rates, and limited inventory—Canadians have been active participants in U.S. real estate.
The total volume of foreign purchases plummeted to $42 billion, the lowest level recorded by NAR since it began tracking in 2009. Foreign transactions fell by 37% from the previous year, with dollar volume down 21%. Economic challenges have undoubtedly played a role, with 69% of realtors reporting clients who chose not to buy due to these obstacles. Additionally, the strong U.S. dollar and rising interest rates have affected purchasing power, though Canadian buyers have increasingly opted for all-cash transactions. Among Canadian buyers, Florida remains the most popular destination, capturing 41% of purchases, followed by Arizona at 23%. Notably, interest in Hawaii has surged, with purchases there rising to 9% from just 2% the previous year.
Despite the high costs and a depreciating Canadian dollar, U.S. real estate remains attractive for Canadian buyers seeking vacation homes and investment properties, especially in warmer climates. As interest rates are expected to decline in the near future, more Canadians may explore financing options, potentially boosting their presence in the U.S. real estate market.
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