Canadian snowbirds traditionally migrate to warm states like Florida, Arizona, and Texas during winter. However, a combination of a weakening Canadian dollar, rising housing costs in the U.S., and geopolitical tensions is pushing many Canadians to sell their U.S. properties and return home. Real estate experts report a significant uptick in sellers, with nearly all clients looking to divest rather than buy. While these sellers may profit, they face challenges such as foreign tax regulations and currency conversion issues. This trend could lead to decreased Canadian investments in U.S. markets and a potential boost for Canada's local vacation property sectors.
One of the biggest surprises foreign national sellers face when parting with their U.S. property is understanding FIRPTA and its implications on their sales.
A weakening Canadian dollar, rising U.S. housing costs, and geopolitical tensions are prompting many Canadian homeowners to sell their U.S. properties.
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