Phoenix has long been a desirable destination for retirees and vacationers looking to escape the cold winters of the north. In recent years, the city has also become increasingly popular with investors seeking to capitalize on its strong real estate market – especially with international buyers coming from north of the border, in Canada, via cities like Vancouver, British Columbia and Toronto, Ontario.
Several factors make Phoenix an attractive investment destination. First, the city is experiencing population growth. According to census data, Phoenix is one of the fastest-growing cities in the United States of America. This growth is fueling demand for housing, which is pushing prices higher.
Second, Phoenix enjoys a robust economy with great-paying jobs for highly educated people. The city’s unemployment rate is well below the national average, and its job market is expanding. In addition, Phoenix has a low cost of living, which makes it attractive for retirees and investors.
Third, Phoenix is a great place to own rental property. The city has a large pool of renters, and rents are increasing at a faster rate. As a result, investors who own rental property in Phoenix can generate healthy returns.
Furthermore, the Phoenix metro area is also growing rapidly – which is expected to reach a population of 7 million people within the next 25 years. This is a key indicator that points towards lucrative prospects and opportunities for investors to buy, renovate, and sell properties for a profit in the many years to come. Besides the great weather, the investment opportunities are part of what attracts Phoenix home buyers from Canada.
Understanding the market is vital, which is why you will want to use a real estate agent with local expertise. Many investors are competing for properties in Phoenix, so it’s important to be strategic when you’re searching for real estate investments. Thus, do look for properties that are undervalued or in need of repairs. These types of properties will often sell for less than the market value, as you can make a profit when you renovate and later sell your house fast in Phoenix for a quick return-on-investment.
There is a multitude of reasons why Phoenix is such a popular choice for Canadian buyers. The first is of course the weather. Just ask how winter is going in Montréal, Québec. The fact is that Phoenix has mild winters and hot summers, which is perfect for Canadian snowbirds who want to enjoy the outdoors year-round. The city also has plenty of amenities, including restaurants, shopping, and cultural attractions with a relaxed lifestyle, where golf and spa resorts are plentiful in the Valley of the Sun.
All things considered, from a real estate perspective, Phoenix is home to a wide variety of property types. Buyers can find everything from starter homes to luxury estates in Arizona’s capital and most populous city in the state. Additionally, the city’s economy is strong, making it a superb place to invest and grow your real estate portfolio, both residentially and commercially.
Phoenix is a culturally diverse city with something for everyone. From the arts and music scene to the food and nightlife, there is always something to do and experience in Phoenix. These are just some of the reasons why Canadians love buying real estate in Phoenix.
