Realtor.com®: Canadian Interest in U.S. Real Estate Continues to Cool, but Remains the Top Source of International Home Shopping

High-end properties entice international home shoppers, despite geopolitical unease

AUSTIN, Texas, Nov. 4, 2025 /PRNewswire/ -- International home shopping activity edged down slightly in the third quarter of 2025, led by a continued cooling of Canadian interest, according to Realtor.com^®'s latest International Demand report. International shoppers made up 1.5% of U.S. online home search traffic during the quarter, down modestly from 1.6% one year ago but still above the 1.2% share in 2019, pointing to steady global interest in U.S. housing even as market conditions evolve.

"Global economic uncertainty, policy shifts, and the resulting exchange rate fluctuations are creating mixed conditions for international buyers," said Danielle Hale, chief economist at Realtor.com^®. "These factors have led to some moderation in foreign demand for U.S. homes compared to last year. Still, interest remains above pre-pandemic levels, reflecting ongoing engagement from global home shoppers in key U.S. markets."

Canada's Share Slips Again, Down to 32%; Florida and Arizona Remain Top Draws
While Canada remains the top source of international home shopping to the U.S, the share of international online traffic from Canada continued to show year-over-year declines, dropping from 36.6% in the third quarter of 2024 to 32.1% during the same period this year.

This decline coincided with the period following the U.S. imposition of tariffs on Canadian goods, suggesting that trade tensions and exchange rate volatility may have tempered cross-border housing interest. Still, Canadian buyers dominated traffic to several metros, including Cape Coral, Fla. (61.4%), Phoenix, Ariz. (61.0%), and North Port, Fla. (58.8%).

Other major sources of international U.S. home shopping demand included the U.K. (6.5%), Mexico (5.6%), Germany (4.1%), and Australia (3.4%).

Homes Viewed 29.8% Pricier Than Domestic Shoppers, But Luxury Demand Cools
International shoppers typically target higher-end properties, often for investment or employment-related relocation. In Q3 2025, the median home viewed by international buyers in the top 20 U.S. markets was 29.8% more expensive than those viewed by domestic shoppers, although that gap has narrowed from the 34.2% average gap between 2022 and 2024.

The shift reflects a faster decline in median viewed prices for international shoppers (-5.2%) compared to domestic shoppers (-1.7%), suggesting cooling demand for luxury homes. The trend may stem from currency volatility and broader global economic uncertainty.

Markets such as Los Angeles (173.6%), New York (49.2%), San Francisco (33.4%), and Boston (23.8%) posted the largest price gaps, highlighting their status as global luxury destinations. However, Austin (18.6%) stood out for its combination of relative affordability and high-income employment opportunities, attracting both investors and professionals on employment visas.

At 8.4%, Miami Earns Most International Views
In the third quarter of 2025, Miami remained the top destination for international shoppers, capturing 8.4% of all U.S. international views, followed by New York (5.6%) and Los Angeles (4.8%). Rounding out the top five were Orlando, Fla. (2.7%) and Dallas (2.7%).

Policy Shifts May Shape Next Phase of International Demand
Looking ahead, new immigration and visa policies could drive diverging trends in international demand. The result is likely to be a more uneven pattern of international interest, as policy developments and global market conditions continue to reshape the landscape.

"Proposed "gold" and "platinum visa" programs may draw more high-net-worth buyers to luxury markets, while restrictions on H-1B visas could weigh on demand in innovation-driven metros such as Austin and San Jose," said Jiayi Xu, senior economist at Realtor.com^®.

Top 20 Markets Loved by International Home ShoppersInternational Buyers Viewed

Methodology
This report analyzes international views of for-sale listings on the U.S. Realtor.com^® marketplace from July through September 2025, compared to previous quarters, as noted above.

About Realtor.com®
Realtor.com^® pioneered online real estate and has been at the forefront for over 25 years, connecting buyers, sellers, and renters with trusted insights, professional guidance and powerful tools to help them find their perfect home. Recognized as the No. 1 site trusted by real estate professionals, Realtor.com^® is a valued partner, delivering consumer connections and a robust suite of marketing tools to support business growth. Realtor.com^® is operated by News Corp [Nasdaq: NWS, NWSA] [ASX: NWS, NWSLV] subsidiary Move, Inc.

Media Contact: Sara Wiskerchen, press@realtor.com

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SOURCE Realtor.com