Canadian real estate in wake of US election
Surrounding the US election on November 5 there has been a spike in interest in Canadian real estate for sale.
Royal LePage found visits to its website from our neighbours to the South have risen significantly since the presidential campaign began.
US Searches More Than Doubled
According to Royal LePage, U.S.-originated sessions to royallepage.ca more than doubled. They surged 104 percent week over week, 67 percent year over year, in the week of June 16 just before the first presidential debate.
The following week, after the debate between President Joe Biden and then-presumptive Republican nominee, Donald Trump, traffic peaked with an additional four per cent increase in visitors over the week prior. Phil Soper, CEO of Royal LePage, said trends were similar in 2016, prior to Donald Trump being elected. “It’s not surprising in this incredibly divisive American presidential election that they are attracted, at least emotionally, to the concept of getting away from it all,” he said. “I think that’s probably the biggest message in this surge in American interest in Canadian properties. Call it internet therapy.”
Most of the Visitors to the Site Came from Democratic States
Soper said most of the visitors to the site came from Democratic states. Interest from a Republican-leaning state, South Carolina, was also prominent. “Canada is the nation on earth that most closely resembles the United States,” he said. “Dreaming of Toronto, Montreal, Calgary, Vancouver is an American election sport.” Ryan Neely, a partner with McCrea Immigration law, said he’s fielding calls daily during this year’s election campaign – mainly from those in Blue states. “We’ve had an increase in what we call cold calls,” he said. “People who have just found us on the internet and are saying, ‘Well, listen, we’re interested in Canadian immigration.’” Despite the aspirations to immigrate to Canada, Neely said in actuality, the conversion rate to becoming a permanent resident is low.
“But there is a core group of people who are dedicated to doing it.” That group, he said, often includes young families or those who have been struggling with the decision to move for a long time. More restrictive immigration policies favoured by Trump could also lead to an influx of skilled workers and families seeking to relocate north of the border. This could drive up housing demand in major urban centers, particularly in Ontario, Alberta, and British Colombia, and put upward pressure on prices.
Factors to Consider Before Moving to Canada
Other considerations for people from south of the border would obviously be that there is currently a ban on foreign buyers in Canada. There are some areas outside larger centres where they are not restricted.
Another factor that could be affected by the change in government in the US is more interest rate cuts in Canada. The Trump administration policies are expected to stoke economic stimulus. One way to do this is to set aggressive rate cuts. Typically Canada follows that lead which would mean lower mortgage payments, and more people getting into the real estate market.
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As always, if you’re looking for local advice on the real estate market and what’s happening in Comox Valley then get in touch with me today! I would love to help you with timely advice, buying or selling or your property here on Vancouver Island.
