“A very small part of the drop is related to general housing market weakness because overall Redfin traffic was also down, but just a small fraction relative to the 26% drop in Canadian traffic,” Zhao told Mortgage Professional America. “General currency weakness could be playing a role here, as a weak Canadian dollar would have the same effect, but the timing doesn’t line up with our traffic data.
“The Canadian dollar weakened against the USD throughout the fall and winter, reaching a trough in early February, but gaining strength after that. It was weaker in April than in December and January, but traffic was much weaker in April than in January.”
Major drops in metro areas
The report showed major declines in large cities. Searches for homes in Houston dropped 55.2%. In Philadelphia, the decline was 53%. In Chicago, there were 47% fewer searches year over year.
Markets that typically attract Canadians looking to escape the harsh winter also saw declines. Miami and Orlando experienced a 30% decline, while Phoenix and Riverside, California, saw a 23% decrease each.
“I haven’t worked with a Canadian buyer in at least a year,” Marsha McMahon-Jones, a Redfin Premier agent in Palm Springs, said in the press release. “I’m in touch with a few potential buyers, but they’re staying put in Canada for now with the idea of potentially making a move if and when Canada-US relations improve. I haven’t heard of any Canadians who already live here part of the year listing their Palm Springs home, though.”