Canadians and Arizona Real Estate: A Love Story

by | Apr 25, 2011 | Rental Property Management Tips

Maybe it’s the endless sunshine, or the splendid scenery–maybe it’s the multitude of golf courses. But one thing’s for certain: Canadians are in love with Arizona.

For nearly two years, there has been a one-million dollar luxury home sold to a Canadian buyer every week in Arizona and the statistic does not reflect the total residential and commercial real estate categories where Canadians have been some of the most dominant investors.

“Not only are the Canadians buying luxury residential real estate in Arizona, the majority are cash buyers and the trend is increasing in all industry segments due directly to the 84 non-stop flights a week in season. There are over 600,000 Canadians coming to Arizona and this increased connectivity is having a direct impact on Arizona’s economic development, which now includes Canada as a major bilateral trade partner on the state and municipality levels,” said Canadian-born Glenn Williamson, Founder and CEO of the Canada Arizona Business Council.

“We’ve had a significant amount of Canadians purchasing our homes in the past twelve months and I believe they’ve responded to the tremendous values offered by our quality-built homes in communities featuring resort-style amenities,” notes Douglas Fulton, CEO of Fulton Homes. “Our esteemed neighbors to the north have helped to shore up the local housing market and we welcome them to our unmatched lifestyle and unbeatable investment opportunities.” 

Bilateral trade between Canada and Arizona generates $3.9 billion dollars annually, excluding tourism. Canada is the largest foreign investor in the State of Arizona. A vibrant new trade paradigm has emerged eclipsing the traditional markets of tourism and agriculture, according to the Canada Arizona Business Council.  Its goal is to increase bilateral trade between Canada and Arizona to $5 billion U.S. by 2012.  

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Disclaimer: The information provided in this post in not intended to be construed as legal advice, nor should it be considered a substitute for obtaining individual legal counsel or consulting your local, state, federal or provincial tenancy laws.

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