Ian: Interesting flip of the normal narrative.
From Better Dwelling:
According to the National Association of Realtors, the top 5 markets foreign buyers are searching for are Miami, Los Angeles, Bellingham (WA), Kahului-Wailuku-Lahaina (HI), and New York City. All of those markets reported being hot spots for Chinese buyers in 2016. As of March 2017 though, China wasn’t even in the top 5 countries searching these locations.
Instead Canadians topped the list for each one of those cities. In fact, Canadians topped the list for all 20 of the top markets, with the exception of El Centro, California – where they came in second.
Top 5 US Markets By Foreign Search
Miami, FL
- ?? Canada
- ?? Brazil
- ?? Germany
- ?? UK
- ?? Argentina
Los Angeles, CA
- ?? Canada
- ?? UK
- ?? Australia
- ?? Germany
- ?? Brazil
Bellingham, WA
- ?? Canada
- ?? Japan
- ?? Bahrain
- ?? UK
- ?? Australia
Kahulul-Wailuku-Lahaina, HI
- ?? Canada
- ?? Australia
- ?? UK
- ?? Japan
- ?? Germany
New York, NY
- ?? Canada
- ?? UK
- ?? Australia
- ?? Ireland
- ?? Germany
Canadians Are More Likely To Be Non-Resident Buyers
NAR stats show that Canadian and UK buyers are the most likely to buy property for occasional use. Going back to 2016, 80% of Canadian, and 61% of UK buyers were non-resident buyers. To contrast, only 39% of Chinese buyers were non-resident. This means Canadian and UK citizens are more likely to buy property and not move into it. Whereas 61% of Chinese buyers are likely to buy property for relocation.
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LOL!
Next time someone posts ‘Dem Foreigners are Killin’ Our City comments, this link should be activated.
Two of those markets are pure leisure (does time share count?). Bellingham is Vancouverites fleeing for affordable housing even if it means a horrendous commute and tax situation. That leaves two true world class cities on the list.