U.S. residents are buying up Canadian vacation properties in increasing numbers, say real estate agents. Country cottages were selling well with Canadians last year, as many people used equity from their increasingly-valuable city homes to finance the purchase of vacation homes. Interest rates are very low so monthly payments are down.
The Canadian dollar has dropped in value compared to the American currency, making Canadian cottage prices attractive to U.S. residents. Americans also think Canadian lakes are cleaner and “more pure.” They also know Canada has a stable economy so it is a safe place to invest in property.
Among the areas most popular with U.S. citizens are the Gulf Islands in Pacific waters off Canada’s western coast and, in the central province of Ontario, the regions of Niagara and Muskoka.
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