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(EMAILWIRE.COM, December 21, 2012 ) San Francisco, CA -- The slipping residential home prices of Las Vegas, alone with the strength of the Canadian dollar, have helped a surge in Canadian buyers in the U.S. desert metropolis. The primary interested parties in Vegas homes are those Canadians who are looking to purchase a second home, according the Prudential Americana Relator Time Kimball.
Kimball noted that inquiries from Canadian citizens had nearly doubled over the last year, as Vegas real-estate numbers continued to drop substantially. Kimball said he had cash investors as well, but at times he struggles to find them anything worth taking.
"There's not much inventory," Kimball said. "We spent two or three days looking last week. It really doesn't make a difference if it's cash or financed. Not really."
Many of Kimball's clients hail from plains provinces such as Alberta or Saskatchewan. Las Vegas is directly south to both areas, making it of interest. These Canadian residence have an influx of wealth from oil sands within the region. Kimball said that Eastern Canadians tend to move toward Florida, just in the same souther-bound manner.
Bart Powell is a recreational vehicle dealer from Calgary, Alberta, who bought a 2,400-square-foot home in Henderson for $275,000 over three years ago. He wanted something close to the airport with a minimum three-car garage.
"Prices have fallen a lot, which is attractive for Canadians," Powell said from Calgary. Your houses are probably half the prices up here in Calgary."
Powell joked that he did not go for a Phoenix home like his friends because “I'm not 80 years old yet. We like to go to lots of car races and lots of shows.”
Many Canadians look to buy with the long term in mind. Most do not look to flip property for a quick property, according to Kimball. He notes that many recognize their dollar has gained 20% compared to the U.S. Dollar, and Vegas homes will likely appreciate over the coming decade.
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