- New Generation of Canadians turn to the U.S. for Real Estate

Friday, 21st November 2008

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New Generation of Canadians turn to the U.S. for Real Estate
Added: 10/26/2006 Type: Summary Viewed: 281 time(s) [ Not Rated Yet ]

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New Generation of Canadians turn to the U.S. for Real Estate

In the 1960’s, at a time when the Canadian dollar exceeded the U.S. dollar by 10 cents, Canadians held more than half the residential properties in Birch Bay and the surrounding neighborhoods.

We love having Canadians as our neighbors and have appreciated the contributions they have made to our local economy for decades. We are very excited to see the next generation following in their parents footsteps in increasing numbers.

The next generation of Canadians is snapping up land, houses and condos once again in Blaine, Semiahmoo and Birch Bay as the Loonie pushes above 91 cents U.S. and is expected by many economists to catch or perhaps pass the U.S dollar.

Real estate agents report that nearly half their business now involves Canadian buyers eager to find affordable weekend retreats relatively close to home and that will double as strong investments.

The last time there was this much cross border real estate activity was when Vancouver hosted the World’s Fair in 1986. Expo ‘86 created strong growth across the border for a period of roughly 4 years following.

With the 2010 Winter Olympics fast approaching, savvy buyers are shopping early to avoid the anticipated price run ups that widespread regional exposure could create. Add the fact that there are more homes listed for sale today under $300,000 in Whatcom County, than in all of the Lower Mainland and it’s no wonder you’re as likely to run into your neighbor strolling the beaches of Birch Bay than you would running into a neighbor in Victoria or Kelowna.

Recent Buyers like Duke and Carol Carpenter of Burnaby sum it up best, "We were looking for a weekend retreat that was easily accessible, affordable and that had good upside investment potential." They bought their golf course home in a gated community in June of this year.

The weekend migration to second homes just across the border has become so popular that a group of leading developers, builders, bankers and real estate experts have joined together to form the "Rising Tide Marketing Group." Their newly launched Website www.UndiscoveredWaterfront.com is intended to help introduce Canadians to the region as well as showcase properties and attractions in Blaine, Semiahmoo and Birch Bay. In addition they have focused on assisting international buyers with everything from financing options to tax benefits.

By joining together, they have helped take the mystery out of cross border real estate purchasing and have introduced many more Canadians to the benefits and pleasures of owning a second home just a few miles away from White Rock. According to the group’s spokesperson Mike Kent, "We love having Canadians as our neighbors and have appreciated the contributions they have made to our local economy for decades. We are very excited to see the next generation following in their parents footsteps in increasing numbers."

Many merchants are already accepting Canadian dollars at par and every real estate dollar will buy about twice as much home in Whatcom County. Un-crowded beaches, fantastic weather (think White Rock) along with the prices of Crescent Beach 20 years ago, all add up to more and more B.C and even Alberta license plates cruising through downtown Blaine or along Birch Bay Drive on any given weekend.

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