Sun Belt housing prices likely at all-time low: report

Really? BS article. We are in recession because USA is on recession. Capitalize what? Canada is on the way to misery too. I'm living it. Hey, Mr Buckland get your facts straight, this country has very few rich people or economically well accommodated, the rest are slaves of taxes. I don't see product in USA or Europe that says "MADE in CANADA", I can say that still our neighbors economy is getting better, and ours worst, not to mention the threat that is for you of "Buy American", because our economy depends on trading with the USA. They have 308 million and we have 33 million, If we had the same population we would be Bankrupted. SHUT UP!

We recently bought a home in AZ, like hundreds of other Canadians here. And at great prices. Sorry Matt, you get your facts straight. Buying in the U.S has never been better - this country is in a depression (I know, they call it a recession, but .....) and Canadians have money that the average U.S. citizen does not have. You don't need to be among the super rich to buy here, just the average fairly well off retiree!

More bogus hype to flog useless southern real estate. You'd swear Tom Vu is now reporting for MSN Money. Reality is Top Gun America is still on the way down & Canada is their kamakazi wing-man. And when the economy does unturn...how are you supposed to get from Toronto to Florida or Vancouver to Arizona when fuel prices return to $147+ a barrel? Get real. In the very near future, you'll be financially forced to work, consume(eat) & vacation within a 100 mile radius of where you live because anything outside of that will be prohibitively expensive.

I am considering buying in Arizona cause I can sell my retardly expensive house here and with the equity purchase a house or condo with cash down there. There are more and more jobs in my profession that are 2-3 weeks in 2-3 weeks out and flights are cheap and were cheap even when oil was 140 bucks a barrel to Arizona. If I got it will be in the next 18 or so months.

Go Loonie Go, higher & higher. I want to buy a chunky house in Fort Lauderdale this summer, saw plenty this winter but no buyers.

Yes, absolutely. We just recently closed on a condo in Florida. With the prices down there it accelerated our thoughts on buying a retirement home in the south becuase in ten years or so when we retire they will probably be four times higher. We figured that the prices were right and the strength of our dollar certainly made the decision a lot easier.

Well everyone, the prices ARE ridiculously low in the states right now. That is for sure. However, think of it THIS way, if prices CAN go ridiculously low (which obviously they can), then possibly, in the future, after you have bought, they can go ridiculously high.
So, to all you Canadians getting excited about buying now...will you be able to afford flights and added expenses down the road, that come with your "dirt cheap" home?? Just trying to get you thinking. (Yes, you could sell then, if you wanted.)
By the way, I completely agree with Matt. Remember, Canada is always on the tail of whatever happens to the USA. Remember that.

This AD is total crap. The US housing market already suckered millions of Americans into bankruptcy and is now looking to sucker Canadians.

I looked into the US "bargains" and even if the prices seem low, wait until you see your property and other taxes. And wait until you find out your tax rate when you try and unload the property. And some States stick it to us foreigners even harder when buying or selling US properties. And don't forget, Canada Revenue will also be coming after you for a cut.

Also, places like Arizona and California regularly hit over 100 F AND have water shortages, wild fires, expensive health care, high gas prices/taxes, gun crimes, violent crimes... So don't even think that you'll have anything decent to pass on to your children. In another generation of global warming and the USA going bankrupt, you'll end up having to walk away from your property.

Canada is a far better market AND country in EVERY way when compared to the USA. So don't be suckered by this "news" AD. Buy a Canadian property.

This is not a comment but more of a question to the people who have invested in real estate in the States. Do you have an obligation to live a certain amount of time at the residence you purchase? And do you obtain a mortgage through an American bank or can you do it from your own bank? I'm asking the second question only for the reason that if the dollar fluctuates then your payments in Cdn dollars at a Cdn bank would stay consistent. Thanks in advance for any input....

Matt you seem upset. Apart from poor grammar and an overall lack of control or understanding regarding the english language, you are also incorrect and apparently cynical because of your current slate in life. Canada's economy is improving, unemployement has topped out and we are on the road to more economic stability. As somebody who works in a difficult market considering the current rough economic landscape I think you need to either change occupations or stay at home and give up. The last thing anybody on this continent needs is to hear a negative, angry and poorly read individual do his best to lace our cultures with even more cynicism. Kennedy said it best, "ask not what your country can do for you, ask what you can do for your country". So get up off your ass, get busy and make money. And smile for heaven sake! Do you really think anyone is going to throw you a pitty party? Do you really think the economy will never slide again in your lifetime? Roll with the punches and be a man.

Well here we go again! I remember last year, Western Canadians "snatching up" those Arizona homes thinking the bottom of the market was here, then another 17% drop.
Factor in the almost double taxes canadians have to pay on foreign owned real estate in Florida, ( you can't homestead) the added expenses to carry this new found golden property and travel costs, HOA fees that keep climbing, maintenance, when you aren't there rental issues and then the fact that the U.S. consumer will NOT be buying in the many years to come, you can realize these costs outweigh the benefits for quite a few years down the road. This is not a lull in the realestate market, it is a consumer melt down of amazing proportions. I hate doom and gloom but I live part time in Florida and am watching property values continue to tumble and foreclosures that aren't moving, nothing is selling and a 3 year backlog of inventory. Just gotta think about where your purchaser will come from if you expect to sell down the road.
I believe the smart thing to do is rent for a year or two in places you might consider buying, then talk to people and get educated about ALL the issues you can first. You might find renting or leasing a much better financial situation.
Just a thought.

We purchased in Az not because we wanted to live there but for investment only. With a high Can dollar, low interest rate and price slash in US real estate,it has never been a better time to invest. We have some equity in own own home and got a home equity loan at very good interest rate. We actually can generate income which is next to impossible when we try to purchase in Canada. There are pitfalls one has to consider such as property taxes, income taxes, estate taxes, hiring property management etc. So the bottom line is if you want to invest, there is some good opportunities but it comes with some risk and work also. So get informed but the opportunity is there.

Jeffrey Hunter: I just found out yesterday (as I'm already looking into my future), that some American banks DO work with Canadian banks. So, ask your local bank if you can open an American account AND if you can have that money transferred to an American Bank(affliate).
However, read what "In the Know" says...I've heard this same information from reliable sources, and it's making me rethink buying. (I could probably just as easily rent for a month or two.)

Your comment was interesting, as were the response to your article. Over the past 20 years, we've travelled across our beautiful Canadian country, and to our surprise found that the owners of the largest, most posh cottages in our cottage country were ....you guessed it - the Americans.

From our personal experience, we have found the Americans to be very grateful that we Canadians are here to help their economy with our purchasing power, even if it's only for a portion of the year.
Has the table turned? Perhaps. Our prime concern wasn't to purchase in the USA for the purpose of reaping a big financial benefit, it was to give us a little bit of heaven on earth during those frigid cold months, and in this resort there are 200 like minded Canadians. Is it our turn? You bet!

The comment or advice I personally would give to potenial buyers in Canada interested in the US market is " Buyer Beware ". Do your homework first, Check and Double Check before you sign any Cheque. Knowledge is the most powerful tool in todays market especially in another country. Just be totally clear of what you are getting yourselves into before you sign on the dotted line. Remember to step back and review everything before you take the leap into foreign waters ( meaning that every country has their own system, maybe not quite like Canada's).

We have had a home on a golf course here in Arizona for the past 6 years. We built before the boom so haven't been impacted too badly. However homes that were starting to push $400k are now being snatched up for $125k to $150k with a lot of the purchasers being Canadians from BC & Alberta. With the number of sales that have occured this past year it would seem that the market may have bottomed ....so now is likely a great time to buy.

Instead, buy an full titled(not leased or rented) vacant property lot in Florida, Mississippi, Texas, New Mexico, Arizona, Nevada, or California that you own with no buildings on it, at the very most a storage shed with a washroom. That way your are just have a property with "no" home built on it. Taxes will be lower then and you will not have to worry about vandalism, upkeep, and a caretaker when you are gone for 6 months. When you leave from Canada and go down south for the winter, either you can park your Holiday Trailer or some other type of RV on your vacant lot for months at a time if zoning allows it, or fly down and live in the no frills storage shed with a washroom.

Lisa, Matt,...WRONG! Canada WAS not and IS not in the same mortgage crisis as the US because our banks were NOT ALLOWED to engage in the sub-prime lending fiasco like the U.S. (ie. giving mortgages to people with virtually no collateral, no jobs, etc..how STUPID can they be!)
For those who can afford to buy south of the border its a great opportunity, and for most it has nothing to do with trying to flip the property right away..its about having a warm place to go periodically in our winters. Here's the thing dummies (Zakimar, Lisa, Matt)..buying ANYTHING when the price is low is not a mistake if its done with the right expectations, you've done your due diligence, and..wait for it dummies..YOU CAN AFFORD IT. Give your head a shake if you think that someone who can afford a rec property is really concerned about flight prices going up a couple hundred dollars.( Matt, I suspect you are ALWAYS living misery. SHUT IT ya whining baby!)

I SPENT ALL WINTER HERE IN ARIZONA AND YOU CAN BE SURE ITS GOING TO DROP ANOTHER 15/20 % MORE. ESPECIALLY IN SOUTHERN NEVADA.

We are heading back to Mesa to look at some condos which at one time were selling for 130,000.00 are now up for around 35-45,000.00. A friend of mine just purchased a condo in Mesa for 42,000 which originally sold for 129,000.00 and with the dollar getting better we will be looking to purchase next month.