Real estate slumps in Southern California as Canadian snowbirds stop buying homes
PALM SPRINGS, Calif. – Real estate experts in California’s sunny Coachella Valley say Canadians are no longer flocking to the region to buy homes since the loonie has weakened.
The Desert-Sun reports that some Canadian homeowners in the area around Palm Springs are putting properties they own up for sale.
The move coincides with a decline in the Canadian dollar since oil prices plummeted.
After the U.S. housing market crashed in 2007, the Canadian dollar achieved parity with the U.S. dollar, prompting many Canadians to swoop up properties in the region.
Local real estate agent David Emerson says Canadians made up at least 15 per cent of homebuyers in the Coachella Valley even as the U.S. economy recovered.
Realtor Kelly Trembley says area real estate has slumped since Canadians largely stopped buying homes.
© 2016 The Associated Press