Redfin has reported the number of Canadians using its platform to search for US home purchases or rental housing declined 19.5% year-over-year in August.
The Seattle-based division of Rocket Companies (NYSE: RKT) began tracking a drop in Canadians searching for US properties in February, when the White House began a tariff conflict with Canada. The steepest decline was a 34.2% year-over-year drop in April, when the Trump administration announced its global tariff policy. The declines have been shrinking since then but have not abated.
Redfin also pointed out the Canadian dollar started declining against the US dollar in late 2024, prior to Donald Trump’s return to the White House.
Historically, Canadians have made up the largest portion of international homebuyers in the US. In 2024, they made up 13% of foreign buyers, buying $5.9 billion worth of real estate. Last month, only major metro areas had more Canadians are searching for homes versus last year –Kansas City, Nashville, Jacksonville, and Fort Worth.
“One Canadian client is in the process of selling his last U.S. property because he no longer sees it as a good place to invest or vacation,” said Cheryl Van Elsis, a Redfin Premier agent in Las Vegas. “He used to own four homes in the Las Vegas area, which he mainly rented to fellow Canadians here for casinos or poker events. But now, he no longer wants ties to the U.S.”
