March 26, 2016 12:50 pm
Updated: March 26, 2016 12:55 pm

Real estate slumps in Southern California as Canadian snowbirds stop buying homes

Real estate agents arrive at a brokers tour showing a house for sale with a list price of $1.3 million May 17, 2007 in San Rafael, California.

Justin Sullivan/Getty Images

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.

READ MORE: Canadian snowbirds in sell mode because of lagging loonie

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.

WATCH: More snowbirds selling their vacation homes 


© 2016 The Associated Press

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