Returning Canadians, US buyers turn to Toronto’s housing market
Why more Americans and expat Canadians are considering Toronto
Much is made of the brain drain from Canada to the US, but while the flow going the other way is less noteworthy, Donaldson still sees it as a positive trend for the Toronto market.
“People only talk about all the people exiting Toronto to go to the US,” he said. “And I agree that there is a large cohort of people doing that, but there’s also some flowing back the other way.”
While the political factors grab headlines, Donaldson sees other reasons, including currency advantages and job considerations, as key drivers of the trend.
“I think it’s relocation with their jobs and liking how low the Canadian dollar is,” he said. “Some of those people who do move [to the US], sometimes two years later they move back.”
Financing challenges for cross-border buyers
The process to secure a mortgage for a buyer coming from south of the border isn’t necessarily any more complex than for someone who’s already based in Canada, although compliance timing can be a friction point.
