“Which foreign buyers are snapping up record amounts of U.S. real estate?” via”Financial Post”
They are a group of foreign buyers who took out record levels of currency from their country in the past year to buy residential property in the U.S., though only a minority plans to take up permanent residence. The buyers? Well, they might not be who you think.
Canadians bought a record US$19 billion worth of property in the United States last year, surpassed only by the Chinese who purchased US$31.7 billion, according to a report out Wednesday from the Washington, D.C.-based National Association of Realtors (NAR).
But few south of the border seem to care about the influx of foreign buyers from the north.