Canadian Buyer Signs Strong
The number of homes sold to Canadian buyers in Hawaii, as well as the sales volume, has dropped over the past five years, following a decline in the exchange rate, but some Realtors on Maui, where buyers from Canada outnumber all other countries, say they are seeing those buyers return.
Historically, Maui has been a favored destination by Canadian buyers as they look to escape the cold winter months. Over the last five years, we have seen a downward trend in Canadian buyer activity; however, we are slowly seeing them return to the shores of the Valley Isle.
Back in 2013, the Canadian dollar was on par with the US dollar and created favorable buying circumstances for Canadians.
Statewide Canadian buyers over the last 5 years. Source: Title Guaranty.
2013 was a stellar year for Canadian buyers. They bought more properties in Canada than all other foreign buyers combined. 180 sales were completed by Canadian buyers, while 21 other sales were to buyers from: Japan, New Zealand, Singapore, Australia, Germany, Great Britain, Norway, Switzerland, Russia and France.
However, starting in 2014, the exchange rate between the US dollar and the Canadian dollar started to dip and Canadian buyers slipped to the 2nd position statewide of the most productive buyer sources.
Sales in 2017 began to rebound and that may be something to do with the weather. According to AccuWeather, February in Calgary has been frigid where it averaged a high of 35 degrees and a low of 11 degrees.
Maui only Canadian buyers over the last 5 years. Source: Title Guaranty.
The data does suggest Canadian buyers were back in the Maui market in 2017, but it is still a tricky time for them. Right now, the Canadian dollar is weaker than the US dollar so it costs them more than the purchase price to buy their properties. When they sell, they’re hoping the Canadian dollar is stronger and they’re able to recoup their initial outlay.
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