Although the U.S. election is over, the potential impact on the international real estate industry could be significant.
President-Elect Donald J. Trump made his fortune in real estate, so he certainly understands the importance and consequence that U.S. politics bring to the overall global property market.
Before the election, some high-profile celebrities promised to move to Canada, should Trump emerge victorious. According to data from realtor.com/international, U.S. international property online searches were up more than 500 percent following the election results. That means a lot of searches are being conducted by ordinary citizens, although the searches have not been limited to Canada.
- Between 10 p.m. ET – 11:59 p.m. ET on Election Day, Nov. 8, page views increased 948 percent, compared to the same time period the week before.
- The searching continued on Nov. 9, with traffic hitting a high at 1:00 p.m. ET, where page views increased 536 percent compared with the same time the week before.
Overall, the weekly average of page views of international properties is up 329 percent compared to the week before (Nov. 7 -9 and Oct. 31 – Nov. 2) on realtor.com/international.
A recent RISMedia article supported that data, revealing that Homes.com® reported British Columbia (Canada) saw 26 percent more home search activity than the most populous U.S. state, California.
So what does this mean?
In the short term, the election results will have limited impact on the housing market. Longer term changes affecting housing finance, the secondary mortgage market and tax policy changes will require Congressional action. Those policy debates could take months so any impact is a long way from reaching consumers.
For more details, read NAR Chief Economist Lawrence Yun’s comprehensive analysis in his Forbes column.
Buckle up! As always, it’s certainly an exciting ride in the real estate industry.