These developments accompanied a precipitous decline in the average purchase costs of Canadian homes, being spurred by the continuous global oil price crashes that have given the economy a beating.
A significant number of U.S. and U.K. nationals are now participating in Canada’s robust housing market, according to Sotheby's International Realty Canada.
“Things dried up significantly until about six months ago, when the dollar started turning. In fairly strong numbers, we're starting to see inquiries coming again,” Sotheby’s senior vice president Christian Dubois told Reuters.
Dubois noted that demand among American and British buyers have risen to levels unseen since a decade ago.
“Canada is absolutely gorgeous, but I'm on more of a time schedule because the dollar is so bad. It's crazy not to invest in it now because it's just a matter of time before it bounces back,” New York-based tech entrepreneur Dave Smith said.
Aside from property purchases, foreign investors are quite active in building up estates.
“The Americans that own in Muskoka right now are doing massive renovations - complete tear-downs or rebuilds. And that's based on the dollar,” builder Bob Clarke said.
Canada’s commercial property sector has seen its greatest activity in nine years, with RealNetCanada placing foreign investment volume at almost $1.1 billion. The same source noted that over 30 transactions worth at least $1 million occurred in the second half of 2015.
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The periodic drops in the purchasing power of the Canadian dollar—25 per cent since 2013—have resulted in exchange rates that are easing a growing number of foreigners into the local real estate sector, industry analysts and observers said.