Based on a recent study by the National Association of Realtors (which is a study based on realtor surveys), foreign buyers bought approximately $56 billion worth of residential real estate in the US between April 2024 and March 2025. This represents about 2.5% of all existing-home sales and is the first year-over-year increase since 2017.
56% of these purchases were by people who legally reside in the US but who are not US citizens. And the remaining 44% were by foreign buyers who live abroad.
Here are the top 5 countries of origin:
China: 15%; 11,700; $13.7 billion
Canada: 14%; 10,900; $6.2 billion
Mexico: 8%; 6,200; $4.4 billion
India: 6%; 4,700; $2.2 billion
United Kingdom: 4%; 3,100; $2 billion
And here are the top 5 destinations:
Florida: 21%
California: 15%
Texas: 10%
New York: 7%
Arizona: 5%
What is clear is that foreign demand has fallen dramatically since 2017. This is likely due to stronger capital controls on money leaving China, a stronger US dollar, rising home prices, and other factors. It's worth noting that this data is up until March 2025 — so right before "Liberation Day." It'll be interesting to see the effects of the current geopolitical climate on next year's data.
Also interesting is the fact that if you go back to the 2008 financial crisis, Canadians made up almost a quarter of all foreign buyers. Let's call it 2008 to 2013. This is not surprising. Our economy fared better during the crisis and the Canadian and US dollars were near parity. It was an ideal time for Canadians to buy and, those who did, ultimately benefited from USD appreciation.
Foreigners buying homes tends not to be politically popular, especially when people are concerned about housing affordability. So I can't imagine that too many people are fussed by the fall off in demand since 2017. Still, it's a bellwether for global capital flows, confidence in the US economy, and wealth being created — or not be created — abroad.
Charts from the National Association of Realtors; cover photo by Colin Lloyd on Unsplash
The other morning I woke up and thought to myself: "My cycling isn't nearly nerdy enough. Sure, I've got the spandex. But what I really need is an enormous rear-mounted selfie stick on the bike so I can capture footage of my rides and the city." So I searched around and found a seat mount rig from Insta360 that looks like this (please note that the stick extends to 1 meter):
One of the fundamental principles that we espouse on this blog is that land use and transportation planning are integral to one another. This matters if you're trying to build a big, bad global city because there are limits to what you can accomplish with car-oriented planning. Eventually traffic congestion becomes unbearable and the model starts to breakdown (consider Toronto and Atlanta right now).
This means that, if you'd like to continue scaling, eventually you'll need to start getting serious about transit-oriented development and other forms of mobility. Japan is one of the best examples of this. But the key prerequisite for this is urban density. This is the unlock that makes transit practical and convenient for people.
That's why this week's planning announcement is a big one for Toronto. On August 15, the Government of Ontario (through the Ministry of Municipal Affairs and Housing) approved, with some modifications, 120 Major Transit Station Areas and Protected Major Transit Station Areas in the City of Toronto. Here's a summary of the MMAH's decision via the City's website, and below is a map of the transit station areas. (Note that some station areas are missing from this map and are still under review.)
Based on a recent study by the National Association of Realtors (which is a study based on realtor surveys), foreign buyers bought approximately $56 billion worth of residential real estate in the US between April 2024 and March 2025. This represents about 2.5% of all existing-home sales and is the first year-over-year increase since 2017.
56% of these purchases were by people who legally reside in the US but who are not US citizens. And the remaining 44% were by foreign buyers who live abroad.
Here are the top 5 countries of origin:
China: 15%; 11,700; $13.7 billion
Canada: 14%; 10,900; $6.2 billion
Mexico: 8%; 6,200; $4.4 billion
India: 6%; 4,700; $2.2 billion
United Kingdom: 4%; 3,100; $2 billion
And here are the top 5 destinations:
Florida: 21%
California: 15%
Texas: 10%
New York: 7%
Arizona: 5%
What is clear is that foreign demand has fallen dramatically since 2017. This is likely due to stronger capital controls on money leaving China, a stronger US dollar, rising home prices, and other factors. It's worth noting that this data is up until March 2025 — so right before "Liberation Day." It'll be interesting to see the effects of the current geopolitical climate on next year's data.
Also interesting is the fact that if you go back to the 2008 financial crisis, Canadians made up almost a quarter of all foreign buyers. Let's call it 2008 to 2013. This is not surprising. Our economy fared better during the crisis and the Canadian and US dollars were near parity. It was an ideal time for Canadians to buy and, those who did, ultimately benefited from USD appreciation.
Foreigners buying homes tends not to be politically popular, especially when people are concerned about housing affordability. So I can't imagine that too many people are fussed by the fall off in demand since 2017. Still, it's a bellwether for global capital flows, confidence in the US economy, and wealth being created — or not be created — abroad.
Charts from the National Association of Realtors; cover photo by Colin Lloyd on Unsplash
The other morning I woke up and thought to myself: "My cycling isn't nearly nerdy enough. Sure, I've got the spandex. But what I really need is an enormous rear-mounted selfie stick on the bike so I can capture footage of my rides and the city." So I searched around and found a seat mount rig from Insta360 that looks like this (please note that the stick extends to 1 meter):
One of the fundamental principles that we espouse on this blog is that land use and transportation planning are integral to one another. This matters if you're trying to build a big, bad global city because there are limits to what you can accomplish with car-oriented planning. Eventually traffic congestion becomes unbearable and the model starts to breakdown (consider Toronto and Atlanta right now).
This means that, if you'd like to continue scaling, eventually you'll need to start getting serious about transit-oriented development and other forms of mobility. Japan is one of the best examples of this. But the key prerequisite for this is urban density. This is the unlock that makes transit practical and convenient for people.
That's why this week's planning announcement is a big one for Toronto. On August 15, the Government of Ontario (through the Ministry of Municipal Affairs and Housing) approved, with some modifications, 120 Major Transit Station Areas and Protected Major Transit Station Areas in the City of Toronto. Here's a summary of the MMAH's decision via the City's website, and below is a map of the transit station areas. (Note that some station areas are missing from this map and are still under review.)
Now, I don't have an Insta360. I've heard they're fantastic. I have an old GoPro Max that is, well, okay. I find it has terrible dynamic range. The sky is often blown out. It also shuts off constantly when I'm snowboarding due to the cold. It's suboptimal and at some point I'll likely invest in an Insta360. But for now, I used an adapter to connect my GoPro to the mount.
Below is what the photos/videos end up looking like. As an aside, captured on the right is Good Gang Ice Cream on Annette, which my friend Chris Spoke (of Toronto Standard) tells me is top.
And here's a video from Instagram.
The way these 360 cameras work is that, as long as the camera is perfectly aligned with the selfie stick, then the entire apparatus disappears in the videos it captures. But if the camera gets misaligned because, for example, things start bouncing around, then it can show up. I'm not exactly sure what's happening in the above, but something is getting in the way of a clean 360-degree stitch.
I'll keep working on it.
At a high level, these are areas that fall within an approximately 500-800 meter radius of transit stations, and would therefore be less than a 10-minute walk for most people. It's land that is best suited to transit-oriented development and that would strengthen any new/existing transit investments. For example, if you have an existing station that is underperforming from a ridership standpoint, the best solution is more density within its immediate catchment area.
Because of this, Ontario's Provincial Planning Statement prescribes the following minimum density targets for MTSAs:
200 residents and jobs per hectare for subways
160 residents and jobs per hectare for light rail or bus rapid transit
150 residents and jobs per hectare for commuter or regional rail
And to satisfy these requirements, cities need to demonstrate how they have planned for these minimum targets.
PMTSAs are a subset of MTSAs and come with some additional features, such as minimum unit counts and/or floor space indexes (floor area ratios). These are also the only transit areas where cities have the option of enabling Inclusionary Zoning, which is something they may do when the market rents in an area are high enough that the subsidies required to build affordable housing can be shifted onto the tenants paying market rents. (My views on inclusionary zoning can be found, here.)
Over the coming weeks, everyone in the industry is going to be analyzing the implications of this new approval. Overland (which is a legal firm that we work with) just posted on their blog that their review is underway and that they'll be posting something shortly. But in the meantime, I'd like to say that this is meaningful progress (and one that has been a longtime coming).
It acknowledges the important link between land use planning and mobility, and it better aligns our policies to support a post-car city. Of course, in many ways, this is an obvious thing to do. I started this post by calling it a fundamental principle of city building. But city planning happens slowly and incrementally. If you're following along, you'll see that Toronto is in fact growing up as a big, bad global city.
Cover photo by Andrii Khrystian on Unsplash
Now, I don't have an Insta360. I've heard they're fantastic. I have an old GoPro Max that is, well, okay. I find it has terrible dynamic range. The sky is often blown out. It also shuts off constantly when I'm snowboarding due to the cold. It's suboptimal and at some point I'll likely invest in an Insta360. But for now, I used an adapter to connect my GoPro to the mount.
Below is what the photos/videos end up looking like. As an aside, captured on the right is Good Gang Ice Cream on Annette, which my friend Chris Spoke (of Toronto Standard) tells me is top.
And here's a video from Instagram.
The way these 360 cameras work is that, as long as the camera is perfectly aligned with the selfie stick, then the entire apparatus disappears in the videos it captures. But if the camera gets misaligned because, for example, things start bouncing around, then it can show up. I'm not exactly sure what's happening in the above, but something is getting in the way of a clean 360-degree stitch.
I'll keep working on it.
At a high level, these are areas that fall within an approximately 500-800 meter radius of transit stations, and would therefore be less than a 10-minute walk for most people. It's land that is best suited to transit-oriented development and that would strengthen any new/existing transit investments. For example, if you have an existing station that is underperforming from a ridership standpoint, the best solution is more density within its immediate catchment area.
Because of this, Ontario's Provincial Planning Statement prescribes the following minimum density targets for MTSAs:
200 residents and jobs per hectare for subways
160 residents and jobs per hectare for light rail or bus rapid transit
150 residents and jobs per hectare for commuter or regional rail
And to satisfy these requirements, cities need to demonstrate how they have planned for these minimum targets.
PMTSAs are a subset of MTSAs and come with some additional features, such as minimum unit counts and/or floor space indexes (floor area ratios). These are also the only transit areas where cities have the option of enabling Inclusionary Zoning, which is something they may do when the market rents in an area are high enough that the subsidies required to build affordable housing can be shifted onto the tenants paying market rents. (My views on inclusionary zoning can be found, here.)
Over the coming weeks, everyone in the industry is going to be analyzing the implications of this new approval. Overland (which is a legal firm that we work with) just posted on their blog that their review is underway and that they'll be posting something shortly. But in the meantime, I'd like to say that this is meaningful progress (and one that has been a longtime coming).
It acknowledges the important link between land use planning and mobility, and it better aligns our policies to support a post-car city. Of course, in many ways, this is an obvious thing to do. I started this post by calling it a fundamental principle of city building. But city planning happens slowly and incrementally. If you're following along, you'll see that Toronto is in fact growing up as a big, bad global city.
Cover photo by Andrii Khrystian on Unsplash
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