Canadians Giving U.S. Housing Market a Boost

Toronto, Canada, April 7, 2010--Canadians are giving the U.S. housing market a boost as the Canadian currency appreciates.

Lawrence Yun, chief economist at the National Association of Realtors, says about 27,000 Canadians bought vacation homes in the U.S. last year, and that it looks like the trend will continue through 2010.

Experts expect the currency called the loonie to continue to appreciate, helping home sales in Florida, California and Arizona.

A factor contributing to the loonie's climb: rising interest rates. The Bank of Canada is positioned to be raising interest rates before the Federal Reserve.

With the appreciating dollar, more and more Canadian home seekers look south to get more value for their dollar.

The NAR found that Canadian buyers led all foreign clients in 2009, approximately 154,000, beating home seekers from the U.K., Mexico, and India.

"I anticipate an even greater number of Canadians will be purchasing U.S. real estate in 2010," said Yun.