Canadians Flock to Arizona for Homes

Updated: Saturday, 16 Apr 2011, 9:48 PM MST
Published : Saturday, 16 Apr 2011, 9:45 PM MST

By CASEY STEGALL
FOX NEWS

PHOENIX - When the real estate market crashed in this country, the southwest was hit especially hard.

According to realtytrac.com , Phoenix, Arizona has the second highest foreclosure rate in America. But it's that dubious distinction that's attracting a new breed of buyer.

"There are a number of Canadian developers that have come in," said Maureen Porter of Arizona for Canadians real estate.

They're mostly taking advantage of a strong Canadian dollar.

"Investment homes were the primary focus because there are such great discounts in the foreclosure area, but now that our dollar is a dollar three today, we've got a lot more Canadians coming down and buying second homes," said Porter.

In fact, so many are now flocking to the valley of the sun that Porter launched her own real estate company, catering specifically to buyers north of the border.

"The more we drive around, the more Canadian license plates we see," said Canadian home buyer Ann Callighen.

She says in addition to getting more bang for her buck here in the states, the other plus is escaping the harsh winters.

"The Canadians are usually the ones in flip flops and shorts and t-shirts, and then the Arizonans are definitely in their furs, boots and scarves, and sometimes hats and mitts. We've seen them walking so it's quite interesting to see," said Callighen.

The vast majority of these home purchases are also in cash because often times it's difficult for Canadians to borrow from American lenders.

Local leaders see this as a win-win, infusing some much needed money into a struggling economy.

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Canadians Flock to Arizona for Homes

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