Canadians and other foreign investors in U.S. real estate aren’t planning on slowing down anytime soon.
He cited the credit freeze for the property price crash in the U.S., but noted investors who have gotten in are finding the rental market “booming.” Recent figures have shown rental demand up, including a drop in the national apartment vacancy rate from 5.6% to 5.2% between the third and fourth quarters of 2011, according to Reis.
“Properties even in good areas can be acquired at huge discounts if you have the right contacts, but this window of opportunity wont’ be open forever,” said Withers. “Increasing investor activity within the foreclosure market is already starting to stabilize prices, and in some instances, even rise.”
On a national scale, however, prices have shown generally no upward movement recently in most major cities.
Source: Canadian Real Estate Magazine