Canadians attracted to Vegas real estate

Las Vegas housing market has recently been through plenty of agony. Despite low mortgage interest rates sales of single-family houses, condos and townhomes have been slow, especially in the middle and upper ends of the price scale. Sinking values have drawn first-time buyers and real estate investors to shift through the bulging inventory in the lower end of the marketplace and grab property, often foreclosures, at huge discounts. Southern Nevada's real estate supply is still way too high and needs to come down further to give the market a chance for recovery.

One group that has been moderately active in the past on Sin City's real estate scene is the Canadians and they are now returning to take a look at what's going on. Prices have receded all the way to the early-decade levels, making them very competitive with those in the Phoenix area where Canadians have historically bought more vacation homes than here. Lower pricing in Arizona has long been the main attraction for them, but it appears the gap is fast closing.

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