The number of Canadian Redfin.com users searching for homes to buy or rent in the U.S. dropped 19.5 percent year-over-year in August, according to a new report from Redfin. For comparison, the total number of prospective buyers and renters searching on Redfin.com declined, too, but by a fraction of the amount.
The number of Canadians searching for U.S. homes started dropping significantly in February, when the White House implemented 25 percent tariffs on imports from Canada.
The steepest decline was a 34.2 percent year-over-year drop in April, the month the Trump administration announced its global tariff policy. The declines have shrunk since then but are still notable.
This is according to an analysis of the number of Redfin.com users based in Canada searching for homes for sale and for rent in the U.S. The data is based on unique users, i.e., the number of different people who access U.S. home listings on Redfin.com or the Redfin app within a defined period; that user is counted only once for the period.
In addition, the Canadian dollar has been fairly weak this spring and summer, which makes it more difficult to afford U.S. homes, according to Redfin. The Canadian dollar started declining against the U.S. dollar in late 2024, mostly because of uncertainty about trade policies.
“One Canadian client is in the process of selling his last U.S. property because he no longer sees it as a good place to invest or vacation,” Las Vegas-based Redfin Premier agent Cheryl Van Elsis said in a release. “He used to own four homes in the Las Vegas area, which he mainly rented to fellow Canadians here for casinos or poker events. But now, he no longer wants ties to the U.S.”
Historically, Canadians have made up the largest portion of international homebuyers in the U.S. In 2024, they made up 13 percent of foreign buyers, buying $5.9 billion worth of U.S. real estate.