Trump effect: US searches for Canadian real estate surge
Steve Randall
Canadian Real Estate Wealth
There has been a surge of interest in Canadian real estate from south of the border following Donald Trump’s election as US president.
A report from real estate brokerage Royal LePage reveals that searches on its portal from the US increased 329 per cent on the day after the election and in the week following there was a 210 per cent year-over-year rise.
For the whole of November, American’s eyeing a move to Canada increased more than 70 per cent compared to the same month of 2015 and there was a 40 per cent increase for the whole of the fourth quarter.
“Always a desirable destination for migrants, Canada’s attractiveness as a country for international relocation has surged this decade,” said Phil Soper, president and chief executive officer, Royal LePage. “The United States was already a top source for immigration into Canada, and now in the period following the recent U.S. election, we are witnessing a material bump in American interest in Canadian real estate.”
Ontario, British Columbia and Quebec are the most searched regions for potential homebuyers from the US. While some of the search increase is for commercial property, residential searches accounted for three quarters of the total.
“Given America’s vast population, even a fractional increase in the number of households following through on this initial interest and successfully completing the demanding process of emigrating to Canada could drive a material increase in the number of home-buyers from south of the border,” concluded Soper. “Our federal government is seriously considering increasing the quota of new Canadians welcomed from abroad, and with the high value of the U.S. dollar increasing Americans’ purchasing power, we may be seeing more moving trucks with U.S. license plates in our future.”
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