But experts say the shopping spree is being led by two groups: retirees who don't want to wait for the exchange rate to improve and investors looking to cash out of the hot Canadian real estate markets in Toronto and Vancouver. Canadians were the second biggest foreign buyer of U.S. residential real estate, behind only the Chinese, who spent $31.7 billion US, leading the list for the fourth consecutive year. Canadians selling, tooThe NAR survey also found that Canadians led the way in selling U.S. real estate. That doesn't surprise brokers like Diane Olson of Glass House International Real Estate in Arizona, who said she's seeing more sellers than buyers. Many, she said, are taking advantage of the low Canadian dollar to profit from the gains they've made in recent years.

Source: CBC News July 22, 2017 09:00 UTC