Canadians Remain America's Top Foreign Home Buyers, Even as Political Tensions Simmer

Despite two years of tariff disputes and cooler diplomatic relations, Canadians remain the largest single group of foreign buyers of US residential real estate. The National Association of Realtors' most recent international transactions report found foreign buyers purchased 78,100 US homes over a 12-month stretch, up 44% year over year and the first annual increase since 2017, with total international dollar volume rising to roughly $56 billion.

Canadian buyers accounted for somewhere between 11% and 14% of that foreign-buyer pool depending on the measure used, spending an estimated $6 billion or more on US property, more than any other nationality even as Chinese buyers posted higher total dollar volume in some counts. Nearly two-thirds of Canadian buyers paid in all cash, the highest cash-purchase share of any foreign buyer group tracked by NAR, reflecting both currency strategy and the profile of the typical Canadian buyer, often a retiree or seasonal-home owner rather than a relocating worker.

The rebound in foreign buying comes with a caveat. Search-interest data from real estate portals shows Canadian interest in US property remains below pre-tariff levels even as it recovers from its lows, with agents reporting renewed activity concentrated in traditional favorites like Florida and Arizona rather than a broad-based return.

Real estate agents who specialize in international clients say Canadian buyers are behaving more cautiously than in past cycles, often waiting longer to commit and negotiating harder on price. Still, with Canada representing such a large and geographically close pool of buyers, most US brokerages that court international clientele continue to treat Canadian outreach as a core part of their business, even amid the current political chill.

Whether Canadian demand fully normalizes will likely depend as much on currency swings and cross-border relations as on US housing fundamentals themselves.