With many investors feeling the double-whammy impact of appreciating values and the Canadian-US currency exchange rate, some are cashing out, while others see value in remaining and even upping their investments.
“Surprisingly, Canadians are still purchasing in Phoenix, although certainly not like they were during the (U.S.) crash. In lots of cases, though, they are now selling and reinvesting in another home – sometimes larger. Then there are those who sold and are going home with their gains because of the higher costs of travel and property maintenance,” Diane Olson, head of the Diane Olson Team at Glasshouse International Realty, told the Calgary Herald
“I think Canadians can take significant paper returns and make them into real returns during this period, particularly if they bought in the 2009-13 period and now will get both asset appreciation and a currency advantage when repatriating their dollars back to Canada,” said John McClelland, vice-president of research for Coldwell Banker Premier Realty in Las Vegas.
But he has a warning for short-term would-be investors thinking of buying in Sin City.
“I would consider renting because home price appreciation is unlikely to be as strong as it has been in the recent past because we have already recovered substantially.”
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Investment Hot Spots:
Stornoway, Edgetts Landing, Galetta, Bayfield, Rolphton
For investors with properties in hotspots such as Las Vegas or Phoenix, now may be the best time to sell and buy.