Joe Raedle/Getty Images(NEW YORK) — More Canadians are buying homes in the United States, according to a new report.
The National Association of Realtors reported that Canadians spent $19 billion — more than double the previous year — on homes in the U.S., with many of them based in Florida.
Buyers are driven by rising costs of homes in Canada, according to the BBC.
The report, which covered sales of existing homes between April 2016 and March 2017, was based on a survey of about 6,000 real estate agents.
Purchases by foreigners increased more than 30 percent in that time frame, leading to a record $153 billion.
But this year may not see as much demand from foreigners, economist Lawrence Yun told the BBC.
He said that’s because of “stricter foreign government regulations” and the “uncertainty on policy surrounding U.
S. immigration and international trade.”
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