The elevated exchange rate between the greenback and the loonie along with fears over Trump’s publicly stated preference for an isolationist policy has made many Canadians shy away from owning U.S. real estate, NEWS 1130 reported.
“With a high American dollar relative to the Canadian dollar, their enthusiasm has damped somewhat. I think this may dampen it further and we may see more interest in Canadian recreational property,” Soper said in a statement.
Meanwhile, this situation can help Canada position itself as a haven for those contemplating home ownership in a relatively stable political environment, among other unique advantages.
“Differentiations could actually be very helpful for Canada in that a Trump-lead America will look very different for Canada. Our brand — strong, fair, tolerant, welcoming — could actually help us in our goal to attract people to help our country grow,” Soper explained.
This development mirrored a trend in the commercial property sphere, with Canadian investors’ hold over U.S. real estate weakening over the past year and enterprising entities from Asia, Europe, and the Middle East rapidly catching up.
A major effect of Donald Trump’s upset victory at the U.S. elections is the increased desirability of recreational properties such as cottages among domestic buyers, according to Royal LePage CEO Phil Soper.