During the 2008 real estate market crisis here in the United States, the housing industry in Calgary remained untouched. According to Dennis J. Plintz, of Sothebys International Realty Canada, When North America crashed, we did not and continued to grow through the next few years. However, in the last couple of years Canada has suffered from its worst recession in decades and the housing market is still in recovery. It's the luxury home sales that have really taken a beating as unemployment level has risen due to the downsizing of many companies.
While home prices are down, this is a perfect time for foreign home buyers to hit the market! As sellers begin to lower their expectations, sales have begun to rise. We were in limbo last year, said Stewart J. Lowe, an agent for Calgary Dream Homes. But things really started moving significantly in the last month. Weve had some multiple offers, and the higher end is moving again.
Canada does not typically have any restrictions on international home buyers, however each province goes by its own set of rules. According to John E. Fletcher, real estate lawyer, Every province is in charge of its own real estate transactions. Were like 10 little countries in one big country, when it comes to real estate. Of course you will need to take into account the Canadian exchange rate.