Warning for Canadian Buying real estate in the US
Canadian media are creating a panic wave among the people in Canada who are thinking of investing in real estate in the US. Mainly talking about the “risks” and “pitfalls” for tax issues and really scaring off everybody.
These articles are great and of great use but the way they are written and presented is “scaring” potential buyers away.
As a Realtor in Palm Springs California (sunny and warm during the winters) , a snow birds destination, I have sold tens of properties to Canadians since the turn of the economy.
Everything I am reading in this article bring nothing new to my table, I always recommend to my clients to consult a cross border accountant before they buy.
But this is not meant “against Canadians” as it appears to be in everything I have read lately in the Canadian media. This is the way real estate is taxed and legislated in the US for US residents and citizens as well.
This why the buyers should carefully chose a Realtor who is not just a “door opener” for them but a knowledgeable professional who will walk them through and guide them.
Buying real estate in Palm Springs today (because it is a resort area) still remains an excellent investment for now as well as the years to come as long as you do it the “right way”.