PALM SPRINGS, CALIFORNIA
Investing in a California Property as a Canadian
The Benefits of Investing in a California Property as a Canadian
As a Canadian, buying real estate within the easy-breezy lifestyle district of California is definitely appealing. From affordable prices to the convenience of a quick getaway, many Canadian snowbirds opt to become a homeowner in the warm climate of our southern neighbours.
With something always going on in Palm Springs, there is no ‘wrong time’ to take advantage of a US-based vacation home. With some of the major draws including: Art Museums, Coachella, Stage Coach, and a number of high-profile sporting events (tennis, golf, etc), your potential events calendar will be chalk full, offering something for everyone and any time.
In addition, many Vancouver-based homeowners in California enjoy the a large Gay and Lesbian community in Palm Springs – not to mention the largest draw of all, the amazing winter weather!
With real estate being as low as 100k for a small condo, buying a home in California as a Canadian citizen is incredibly affordable, offering luxury options also with price points ranging from 10-20 million depending on the home and location.
CALIFORNIA REAL ESTATE, REAL ESTATE GUIDE IN CALIFORNIA, USA
Selling Your US Property as a Canadian Citizen
As of February 2016, much like the newly implemented BC Foreigners Tax, the US also legislated a withholding tax, which went from 10% up to 15% based on the gross proceeds of the sale of a US property as a non-US citizen. However, there are exceptions that can be discussed with your US realtor, and it should also be noted, that this tax can be used to reduce the Canadian portion of tax paid on this side of the border, among other deductions.
With a massive influx of Canadians buying US-based homes in 2009 when the housing crash hit, many are now choosing to sell their US homes for a nice profit, as homes have begun to regain their value. Whether buying or selling a house in the US, there are definitely benefits for Canadians in the American real estate market.
US Real Estate Offers a Variety of Investment Opportunities for Canadians
If you spend a lot of time in California, owning a home there simply makes sense. But if you are more of a bi-annual vacationer and don’t know if it will be in your best interest to purchase property in the US, there is of course always the option on renting it on profitable sites such as Airbnb when you are not calling your vacation property home.
MAJOR CALIFORNIA EVENTS MAKE INVESTMENT HOMES IDEAL
California is home to endless wineries in areas such as Temecula and Napa Valley, along with more kid-friendly activities such as LegoLand in Carlsbad – which also offer Flower Fields, and major attraction in San Diego such as The San Diego Zoo and Sea World. Not to mention the surfing, spas, dining options and, of course, GOLF!
With real estate investment opportunities in up-and-coming areas such as Oceanside and Encinitas, along with Palm Springs and Palm Desert, the buying options for Canadians looking to invest in a US-based home is plentiful – and I am here to help when you are ready to do so! Reach out to me first so I can get you in contact with the best reliable realtors I know.
With my frequent travels and vast knowledge of the area, I have been privileged to build a rapport with many knowledgeable local realtors, whom I would love to recommend to you. They will be able to provide you with the assistance you need pertaining to such things as the best lenders dealing with Canadians buying or selling.
In addition, some of these American realtors, have lived and worked in Canada, having a solid understanding between the differences in Canadian and American home transactions.
So no matter if you are looking for a guaranteed place to vacation in, or an investment opportunity to profit from, buying a house in Arizona as a Canadian is well worth looking into – and I look forward to being your first call in order to help ensure the process runs smoothly!