Chinese investors are increasingly in the know come time to select the next best real estate market, with a new report on their preferred U.S. locations offering Canadian investors a roadmap.
The report, published by property consultancy Cushman & Wakefield, shows that, between 2008 and 2014, institutional Chinese real estate investors in the U.S. have focused on New York, with $6.7 billion invested.
The other American states making the list are California ($1.6 billion), Illinois ($362 million), Texas ($305 million), Maryland ($150 million), New Jersey ($140 million), Arizona ($133 million), Florida ($95 million), Washington ($44 million) and Delaware ($42 million).
Canadian investors are expected to turn to the U.S. market in a big way with the decline of the loonie against the dollar, which comes after a period of currency parity that eroded snowbird interest in U.S. properties.
While their traditional haunts have long been California, Florida and Arizona, Canadian investors should perhaps follow the in-the-know Chinese investors in embracing other hot spots in the U.S. market.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Newburg, Lac-des-Aigles, Freetown, New Grafton, Fort Saskatchewan