I am puzzled. The Canadian Dollar is worth 75 cents less than the American Dollar, which means when I exchange a $100. American Dollar I receive back about $125. in Canadian funds. When we bought our Nova Scotia home in 1999, the situation was similar. Our friends bought their lots here, then built their homes here, in part because of the exchange rate. The money went further for us here in Canada than we would have had if we had bought in Maine. Of course we liked the beauty of the place along with the sparse population, but the exchange rate was a big factor in our decision..
But what is puzzling me is that Americans right now are not buying property in Nova Scotia. I know that the economy is causing anxiety for many Americans, but I am told that the sale of real estate in Maine is active with prices continuing to rise, so why are the Americans not flocking to buy water-front property in Nova Scotia? The prices are modest, compared to the equivalent house in Maine, and there is an ample supply available. Just along the shore from us are three homes on the water, ranging from three hundred to six hundred thousand dollars. And the homes are lovely.
Our friend Walt specializes in the sale of water-front property. He is selling to Canadians from Alberta and Ontario, but he has few calls from Americans. One would thing that with the exchange rate in their favor and the prices modest, the clever Americans would flock here to purchase summer homes. Maybe they will…soon…but it has not happened yet. Definitely, it is a great puzzle.
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