Fewer Canadian Snowbirds Buying Homes in Southern California

The decline in the Canadian dollar and drop in oil prices has affected Canadian snowbirds. Canadian snowbirds are no longer buying homes in beautiful, sunny California particularly in Coachella Valley.

Since the Canadian currency has weakened, many of them are putting their properties up for sale according to real estate experts.

Many Canadians purchased properties in the region after the U.S. housing market crashed back in 2007. According to local real estate agent, David Emerson, even as the economy in USA recovered, Canadians still made up at least 15 per cent of homebuyers in California's Coachella Valley.

Currently, the prices of homes of dropped in the region and the number of listings has increased. According to the California Desert Association of Realtors, inventory jumped by approximately 25 per cent over the past year.

Brian and Linda Pahl are two Canadians who live in Vancouver. They purchased a three bedroom home in La Quinta, California over two years ago for $450,000. The couple is now hoping to sell it for $725,000.

Brian did mention that he hasn't ruled out another purchase if the Canadian dollar does strengthen. He also stated that with the Canadian dollar being as low as it is, it pays to sell the home and pay the capital gains.

Reference: CTV News

http://www.ctvnews.ca/…/fewer-canadian-snowbirds-buying-sou…