Canadians Are Eager to Sell Their U.S. Properties

According to an Arizona real estate agent and former Winnipegger, Diane Olson, it is time for many Canadians to cash in their properties which they purchased between 2008 and 2011 in the U.S.

Diane mentioned that many of her clients have called her to inform her that they are ready to sell. Diane stated that it is just too good of an opportunity to pass up.

Appreciation in home value and substantial foreign exchange gain in the last five years have created a "perfect storm" for Canadian homeowners in the United States.

Diane says that homes that were purchased around $200,000 are now selling anywhere from $275,000 to $350,000. Along with that, the loonie is trading for about 70 cents U.S which means Canadians are making an additional $42,000 on every $100,000 in U.S. property sold.

The cost of living in Arizona is also another factor pushing Canadians to pick up and leave.

One thing to remember is that Canadian sellers have to pay federal, state and capital gains taxes on property sold in the U.S. under their name. They might have to pay some additional Canadian taxes, if U.S tax rates are lower than in Canada.

Reference: CBC News

http://www.cbc.ca/…/manitoba/canada-us-real-estate-1.3405145