Canadians selling US homes amid political tension and rising costs
Canadians, who for years have been the dominant group among foreign property buyers in the USA, are now beginning to sell. As reported by the "Washington Post," the main reasons are political uncertainty and the economic situation.
Many Canadians are giving up their decades-old vacation homes in places like Florida and Arizona. Local real estate offices are confirming this trend.
Political and economic reasons for selling
Canadian teacher Nathalie Mancuso from Montreal admitted that she felt "increasingly uncomfortable" after the Trump administration announced new tariffs on Canada. She made the final decision to sell her property in Florida in March, after Trump suggested that Canada is the "51st state" of the USA.
The final decision was based on the political situation. We were scared of what might happen, said Mancuso.
An additional factor is the decline in the value of the Canadian dollar compared to the American dollar. On the other hand, property prices in popular winter resorts have risen, making selling more profitable.
Concerns about future changes
Real estate industry representatives note that clients are concerned they may become unwelcome in the USA. There is also fear of increased property taxes on homes owned by Canadians and possible travel restrictions.
Catherine Spino, an industry representative, observed that since January, the number of Canadians wanting to sell their properties has doubled compared to previous years.
For years, Canadians have been the largest group of foreigners buying properties in the USA. Between 2010 and 2013, they accounted for about 23 percent of all real estate purchases made by foreigners, and last year they comprised 13 percent of buyers.
