Belligerent rhetoric from the White House about being annexed to the United States and combative trade negotiations are denting Canadian interest in owning American property, just as the housing market south of the shared border is starting to cool.
Canadians made up the biggest share of foreign buyers of U.S. residential real estate in 2024, according to the National Association of Realtors, with 13% of the foreign purchase market – followed by China and Mexico at 11% each. In five years out of the last decade, Canadians have led foreign purchases.
Miles Zimbaluk came to the Phoenix area from Saskatchewan in the wake of the 2008 subprime crisis, and “fell in love” with Arizona, he said. A favorable exchange rate and low-priced properties helped convince him to stay, and he founded Canada to USA and Cross Border Insurance, real estate services firms that help north-of-the-border buyers and renters.
“I never expected to see anything like this,” Zimbaluk said in an interview. “People have absolutely been turned off by the talk of annexation.” The rhetoric has pushed some people to sell the second homes they have owned in Arizona, and others are deciding to hold off rather than buy, he said.
