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Realtor: Canadian crash won’t hurt Valley housing market

PHOENIX — A potential Canadian real estate bubble will not hurt the Valley’s housing market, a local Realtor said.

“The only effect I could see of a Canadian housing bubble popping is people unloading their property here for cash,” said Diane Brennan, co-host of KTAR’s That Real Estate Show. “But we’re in a buyer’s market anyway so buyers would purchase those properties.”

Some economic analysts say the Canadian housing bubble could pop, while others say it’s just simply not going to happen. Canadian investors were a huge reason why the Valley’s real estate market recovered because they bought up many of the empty homes.

Brennan said rumors of Canada’s housing market potentially tanking have been swirling around for a couple of years and those rumors are fueled by a weakening Canadian dollar.

“I just had a Canadian couple cancel their offer on a Valley home because the Canadian dollar took a dive,”

Speculation of a potential Canadian housing crash picked up with Canada’s December jobless jump to 7.2 percent, which is higher than the United States’ 6.7 percent.