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American tourists snapping up Canadian properties as dollar dips

(iStock Photo)
Summary

American tourists are seeing savings of a couple hundred thousand dollars as the dollar continues to stay below US$0.70

Resort communities across the rest of the country are experiencing a similar trend

WHISTLER (NEWS 1130) – The low Canadian dollar is turning into a financial boon for Americans looking for holiday property in our country.

Realtors in resort communities like Whistler say business is booming but there aren’t a lot of Canadians snapping up properties — it’s actually Americans who are taking advantage.

Christopher Wetaski with ReMax in Whistler says the evidence is there but not the hard numbers. “I would say that within the next six months or three months even, there will be enough indication of that, but the last sale I did was to an American.”

“When they show up in Whistler and start spending money and they realize it’s a deal, but sometimes the general population of the United States doesn’t realize there are savings to be had.”

In Whistler, Americans are able to purchase a 786-square-foot condo with two bedrooms, 1 1/2 baths, stainless-steel appliances and granite countertops for $715,000 which is about US$493,000. A 550-square-foot fully furnished condo with one bedroom and two baths is $425,000 or about US$293,000.

Realtors in other resort communities like Canmore, Alberta say they’re seeing the same spike in sales all thanks to tourists from places like the US, Britain and Asia.