Orlando News
Despite the slowdown in Chinese economic growth and tighter regulations on outflows of foreign exchange, Chinese foreign buyers remained as the top foreign buyer of U.S. residential property, according to NAR’s recently released 2017 Profile of International Activity in U.S. Residential Real Estate.
Chinese buyers accounted for 14 percent of all foreign buyers[1], followed by Canada (12 percent), Mexico (10 percent), India (5 percent), and the United Kingdom (5 percent).
Home sales in the Greater Toronto Area tanked last month and prices continued to recede, the city's real estate board said Thursday, further evidence that provincial measures aimed at cooling one of the hottest housing markets in North America may be working.
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Fueled by a substantial increase in sales dollar volume from Canadian buyers, foreign investment in U.S. residential real estate skyrocketed to a new high. In all five of the top feeder countries buying U.S. real estate, the number of transactions grew, according to an annual survey of residential purchases from international buyers released by the National Association of Realtors® (NAR).
The loonie shot up following fresh signals from the Bank of Canada that it is giving more thought to raising interest rates, while Toronto’s main stock index continued its second day of declines.
The Canadian dollar was up one U.S. cent to an average trading price of 75.54 cents US, following comments by Bank of Canada governor Stephen Poloz today and senior deputy governor Carolyn Wilkins the day before that the economy is gathering momentum.
