Canadians snapping up high-end Arizona homes

The council also said the majority of the buyers have been using cash.

“Our esteemed neighbours to the north have helped to shore up the local housing market and we welcome them to our unmatched lifestyle and unbeatable investment opportunities,” said Douglas Fulton, CEO of Fulton Homes.

Glenn Williamson, founder and CEO of the Canada Arizona Business Council, said 84 non-stop flights a week are bringing in a flood of Canadians hungry for an investment bargain. His council was formed to increase bilateral trade between Canada and Arizona up to $5 billion by 2012.

One of the big draws for investors in Arizona are foreclosed properties, which accounted for 38% of existing-home transactions in the Phoenix area in March, according to a report by Arizona State University. The median price in Phoenix for an existing home resale in March was $125,000, down from $142,500 a year before.

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