Canadians Warm to Phoenix

Canadians are on a Sun Belt shopping spree. Phoenix and other warm-weather cities that have seen real-estate prices crater are newly popular among Canadians looking for second homes or investment properties, brokers and buyers say. They are lured by the weak U.S. dollar, historically low interest rates and rock-bottom property prices, dragged down by high unemployment and a wave of foreclosures. For the two years that ended in March, Canadians made up the largest percentage of foreigners buying homes in the U.S.—23%—up from 11% in 2007, according to the National Association of Realtors. Arizona and Florida are the focus of their interest, according to the Realtors' group. Germain Villeneuve has $50 million to spend on Phoenix real estate, all from Canadian investors like himself. The former real-estate broker, 50 years old, moved to Phoenix from Montreal in January to oversee acquisitions for the Living Well Homes investment fund. Since October, he has bought 110 houses and two apartment buildings in the Phoenix area.

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