Canadian Dollars and Arizona Real Estate
What is the average American dollar exchange rate for Canadian dollars? While the figure does shift slightly from day to day, the current exchange is around $1 American to $1.05 Canadian. This is an amazing difference from the rates only a few years earlier. This means that the many affordable homes in the Phoenix, AZ real estate markets are even better bargains then before.
For many years, buyers looking for a second home, retirement property, or real estate investment in the Phoenix or Scottsdale real estate markets were simply “out of luck” due to the horrible rates. Today, that difference is so slim as to be nominal, and the status of the economy has dropped prices so low that the rates hardly seem to matter.
Consider that prices on Scottsdale homes for sale are still far below the actual values. Homes worth half a million dollars are entering the markets at two-thirds their real value. This is not because they were over-priced to begin with; it is simply a matter of it being a “buyer’s market” all over the world, but particularly in areas like Scottsdale and Phoenix.
It might take a bit of history to understand this shift, but the underlying reasons are extremely simple. The population of this entire metropolitan area has expanded significantly in only around twenty to thirty years and the housing market has expanded to meet the needs. Vast tracks of agricultural lands have been converted into golf courses, beautiful subdivisions, and the facilities necessary to support the booming electronics and computer industries. After all, Intel and Motorola each have several different corporate and production facilities in the region. Now areas that had populations of less than 30k in the 1950s currently stand at 200k or more!
Let’s not forget the surge of interest in this area from those entering their retirement years. Many of these properties are also ideally suited for Canadian investors too.
Now we know the reasons for the wide availability of excellent Phoenix, Arizona homes at somewhat low pricing, but we haven’t yet considered how to make bargain pricing even more appealing. What about the Phoenix and Scottsdale foreclosure markets? Just like any part of the country, this area has its home and business owners who did not weather the financial meltdown. Because of this, a savvy Canadian investor could easily get their hands on a fine property at a substantially reduced price. Of course, the best approach to this sort of project is to work with a knowledgeable realtor who knows the area and the great properties becoming available. Call the Arizona real estate experts at The Holm Group at 480-206-4265 for assistance in purchasing your new home.