Increasing Number of Canadians Buying US Homes Where Prices are Low
BY JAMES KWANTES
As another dreary B.C. winter descends, dreams of a hot, sunny getaway flow as naturally as the rain.
And with the Canadian dollar near parity and U.S. house prices still cratering in states such as Arizona and Nevada, it’s a great time to look at buying property where the cost of living is lower and the temperatures higher.
Businessman Len Edmondson is one Vancouver resident capitalizing on the trend. Earlier this year, Edmondson bought a 9,000-sq.-ft house in an enclave east of Scottsdale where house prices range from $1 million to $10 million.
“Real estate’s prime down there for buying,” Edmondson said in a phone interview. “In 10 years, you know the property’s going to be worth twice as much as what you bought it for.”