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China Surpasses Canada in US Real Estate Purchases, Spent $22 Billion Last Year
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China Surpasses Canada in US Real Estate Purchases, Spent $22 Billion Last Year

China is feeling homey– the Republic, including Mainland China, Hong Kong, and Taiwan, has invested about $22...

China Surpasses Canada in US Real Estate Purchases, Spent $22 Billion Last Year

China is feeling homey– the Republic, including Mainland China, Hong Kong, and Taiwan, has invested about $22 billion in American homes in the past year, a report by the National Association of Realtors has found. The study shows that out of 61 countries, five accounted for 54% of reported transactions-- Canada, China, Mexico, India, and the United Kingdom.

 

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From April 2013 to March 2014, the Chinese purchased nearly $22 billion in US real estate, about 25% of all international sales. Moreover, around 76% of the purchases were all-cash, and 24% required mortgage financing.

 

About 51% of the purchases China made were in California, Washington, and New York, in urban (37%), suburban (46%), rural (14%), and resort (3%) areas, for a median price of $523,148 per home.

 

The study also shows that 39% of Chinese buyers want to use their American homes as their primary residence, while 56% want to use them as vacation homes or residential rentals.

 

What type of home are these investors after?

 

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While China has overtaken Canada as the biggest international buyer of US homes in terms of average property price, Canadians remain the biggest source of international clients in terms of volume of transactions.

 

Canada is the second biggest international buyer of US homes, accounting for about 15% of total international sales, having purchased about $13.8 billion worth last year. Canadians are reported to have purchased about 73% of the homes in Florida, Arizona, and California, at a median price of $212,500. About 82% of the purchases were all-cash, while 18% were made through mortgage financing.


 

Here are Canadians' preferences in home purchases:

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