Arizona REALTORS® Cross Border for Higher Learning
In June, three members of the Arizona REALTORS® Leadership team were among a select group of senior real estate professionals invited to the Certified International Property Specialist (CIPS) Leadership Invitational in Winnipeg, Canada.
The five-day offering covered aspects of international transactions, including: cross-cultural relationships, currency and exchange rate issues, regional market conditions, tax issues and investment performance.
Typically administered by the National Association of REALTORS® (NAR) in Chicago, this was the first time the invitational was held outside of the U.S. It was also the first time that Arizona REALTORS® 2017 President-Elect Lori Doerfler, First Vice President D. Patrick Lewis and Treasurer Mary Roberts had been to Winnipeg.
“The invitation was timely,” said Doerfler, “as we are exploring high quality educational and networking opportunities to better serve REALTOR® members representing international buyers and sellers.”
According to NAR’s Region XI Global Influences & Opportunities report for 2017, Arizona ranks 4th in state’s share to the number of international sales. “We’re one of the top destinations for Canadian buyers,” Doerfler continued, “second only to Florida.”
“As real estate practitioners,” added Roberts, “it’s important for us to understand how real estate is done in countries where our international buyers are from. One interesting fact that surprised me about Canada is that they do not have 30-year mortgages like we do in the U.S. They have five-year mortgages which are amortized over 25 years. So, Canadians must refinance every five years!”
With support from the provincial department of Growth, Enterprise and Trade, the week-long event was hosted by the Manitoba Real Estate Association in an effort to involve REALTORS® from states where Manitoba does the most trade.
“We were also able to network with leaders from eight other U.S. states and leaders across many of the Canadian provinces,” Doerfler said. “All in all, it was a great success.”
Related resources:
The Global View – NAR Blog
Global Perspectives in Real Estate – CIPS newsletter
Become a CIPS Designee – NAR.Realtor
2017 Profile of International Activity in U.S. Residential Real Estate – NAR Research Dept.
Foreign Buyers and Immigration Expected to Drive Future Demand for U.S. Housing – NAR news release
Five Myths About Canadian Buyers – Arizona REALTOR® VOICE
Factors Driving Foreign Investment to Arizona – Arizona REALTOR® VOICE