U.S. housing market best in almost 40 years for Canadian buyers ...

Attention bargain hunters, says BMO chief economist Sherry Cooper. There hasn?t been a better time for Canadians to buy property in America?s sunshine states in nearly 40 years.

Thanks to the combination of a huge gap between average Canadian and U.S. home prices and a strong loonie, real estate south of the border is looking like a good investment, Dr. Cooper said in ?The Bottom Line? Thursday.

Dr. Cooper said Canadians are the largest single foreign buyer of U.S. properties in the ?Sun and Sand States? (Florida, Arizona and Nevada). But Europeans and Latin Americans are also pouring money in.

But she cautions potential buyers to act now ? because the gap between housing prices will begin to close as the U.S. market improves.

?With interest rates so low, and the Fed working to push them down even further, housing activity is likely to continue to recover,? Dr. Cooper said.

Source: http://business.financialpost.com/2012/09/13/u-s-housing-market-best-in-almost-40-years-for-canadian-buyers-sherry-cooper/

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