In a market that is both a blessing and a curse for Arizona homeowners, it’s easy to concede that investment opportunities are incredibly abundant for those who have the money. Interestingly, the people that have those money seem to be Canadians.
As reported by MH-Global Communications Network, 25 percent of home buyers in metro Phoenix are not from Arizona, and the majority group is from outside the country, namely Canada. Not only are the cost of homes and mortgages dropping, the exchange rate is favorable as well, ending up with a potentially profitably situation for a Canadian investor.
If you’re an American considering buying a home in Phoenix, one way to avoid this out-of-country competition is to consider investments that need a little work. Someone who is not planning on moving to Arizona is going to prefer an investment that doesn’t have them flying out every week to be a part of the project.
If you’re not an American, it may be a comfort to know that your money is good in Arizona. Prices are low and properties abound. More and more investors are choosing to make a home in Arizona, as well. It may not have been their first thought when decided on investing, but after spending a little time in Arizona, you’ll fall in love too.
Many home buyers do end up moving to the area, but many are staying away and simply investing. How can this change the landscape of metro Phoenix, and how will this affect the housing market?
It’s important to remember that if we lived in a protected community, then the economy would recover as quickly as the people did. As people have more money, they will spend more money in the businesses very close to them and our economy would grow. However, we live in a global economy. It will be interesting to watch and see how the economy of Arizona will change based on this influx of Canadian dollars.