Canadians buying in Las Vegas

For the last several months, more and more Canadians are buying up Las Vegas property. With housing prices dropping to new lows and the strong Canadian dollar, it makes perfect sense. While this is good news for agents in Las Vegas, its bad news for Canadian agents. I was reading a post about real estate in Parry Sound, Ontario Canada that states the Canadian resort property market is slowing down and part of the reason is property sales in US. You can read the post here.

The big question is whether the recent financial meltdown and subsequent bailout will continue to draw in foreign investors or will it scare them off. Several overseas property markets are feeling similar pinches as are their major banking institutions. At the beginning of the year, CTV was talking about the US recession (what recession?!) and whether it would affect the Canadian housing market. They theorized that a slowdown here could actually boost the Canadian housing market. Apparently they were right and wrong.

Canadians are still coming to buy Las Vegas vacation homes and condos. With the fed lowering interest rates again, I don't think they'll stop buying any time soon.