Canadians Looking to Buy Homes in U.S.?
- Duration 4:47
- Date Sep 16, 2011
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How did this we mentioned earlier that it became banking system survived are -- out there better capitalized and we are assumed to be doing things right.
I told the Canadians are just in much prettier than we are today and we.
Forget about our northern brother -- -- which is why -- McCready is here with us right now CEO of Sotheby's international -- from Canada thanks for having -- -- being here.
It's here though right -- you guys must look down and doesn't like.
Certainly not mean the morality is -- -- watching our friends are excellent south of the border I mean obviously going through the crisis they're going to here's how is that Canada's totally.
Not having its own problems we certainly are banking sector and a lot of what's gone on Harrison went and -- a lot of the problems.
And -- Canadian banks went through the same thing nearly ninety.
Sanyo is bad now I'm in close -- -- close.
So you can't really compare -- -- some -- I think you see -- remained relatively impervious is it because of all the commodities that come out of Canada and the what do you think it is.
You know it varies from province to province certainly western Canada are resource base economy there we have a lot of foreign investment.
Through and Asia as well as through Europe.
And Latin America.
I think are -- Immigration issues have been left open for people to invest heavily -- those markets is certainly in the real estate side of area that we're involved.
We see a lot of foreign activity and it's not just days it's throughout.
The United States still finding Canada.
As well as a lot of very wealthy Europeans that are actually seeing Canada as a safe haven -- not only real estate venture investor.
And hard assets that.
But that makes sense -- -- would doesn't make sense to me or them maybe because -- -- on sale.
Our Canadians wanting to comment by here now is that what it is they're seen just bargains left to right.
You know I don't think there's a perception issue that there has there's bargains left to -- the reality for about that we represent high net worth comedians constantly cross Canada.
A lot of people are getting on planes in coming in arrive in Florida Arizona California by beautiful -- locations for a song and the reality is the best locations in these key markets.
They've actually held their own -- most part and so you know but they do you see it as a buying opportunity.
And you know certainly if you can navigate through what is and isn't about a good location because in many locations.
The major developments that it's you know it -- 3040% off but the reality is that development may not be around three or four years so.
That's the scary part that's why it's gotten you know.
I questioning because you say they're looking of Florida and Arizona and New Mexico which are really -- -- areas to Begin with as far as.
But in a pop again kind thing.
Yeah and so one of our -- certainly working with them is to make sure that they understand what they are buying right certainly the Canadians have been significant buyers real estate in Florida Arizona California Montana Washington State.
You seen a major spike in interest because a lot of the Canadians that are buying cars are clients.
They actually have a pharaonic past and they've not been totally comfortable with the stock market Milliken for realistic -- -- think is indicative of some sort of trend.
Yeah I think it is -- -- I think at the end of the day I think you're gonna see is demographically we have a lot of very wealthy baby boomers that are well into the fifties now there's there's selling their primary residence in Canada and I'm living in small economy and applications.
They're buying very large homes and Arizona because they're actually going down in the spending some time with family and friends.
And as you know we when you do that you don't -- -- your mother now I'm an exact same room next is He bigger homes and.
And a fair and a so they're buying in all these places and now and year you kind of son to them to -- to you doing a lot more presenting of American power.
-- yes -- reside here in Manhattan has meeting with 26 of the top brokers from Sotheby's announced really around the world -- we're basically sitting down and figuring out.
How do we represent our clients' best interest whether it's a sellers and -- in the southern states are in Manhattan here.
And then specifically for us here from the reason I'm here is -- Canadians are looking for great real estate.
At a good price -- at the end of the day we need to help them navigate what that means because as I said earlier.
It is a minefield specifically more in the reserves sector than it is particularly urban -- right.
From places like Miami right now -- -- he's really come back strong that in nearly 50% of all the buyers in Miami right now.
Are foreigners they sure aren't paying cash and that's my file questions -- holiday pain are they getting mortgages are they paying cash you know typically our clients curbing their pain I'll pass some of them would actually financed through their primary residence back in Canada because the loan to value ratios have been strong throughout the last 20.
Unless He so we've we've had that benefit and buyers there -- they're simply.
Looking to park some cash and they're looking events resort basis -- -- your cast.
If it's an investment product they might finance -- backing.
Thank you all here -- international on meaning here in New York basically coming up with like.
What you think are the hot places today that's --