Canadians investing in U.S. housing market

The United States may see a large number of Canadians relocating south. Last year, America's neighbors to the north bought $9.4 billion of U.S. real estate, according to Canada's Globe and Mail.

The U.S. is a top destination for foreign buyers, according to the National Association of Realtors. Canadians were the largest international buyers of American homes, purchasing 23 percent of the total property sold last year, followed by China at 9 percent. 

"In recent years we have seen more and more foreign buyers coming here to take advantage of low prices and plentiful inventory," said Ron Phipps, NAR president.

Purchases in Arizona, California, Florida and Texas accounted for 58 percent of international transactions, with buyers coming from 70 different countries, the report found. The foreign market accounted for $41 billion in home sales for 2010, which is the same as the year prior, CTV reports.

International buyers have historically been attracted to U.S. home sales because they are usually less expensive and are seen as a secure investment, according to the NAR. There have been an increasing number of buyers that have children moving to the U.S. for school, so they purchase a house for them to live in.  

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