Royal Lepage Says Canadian Buyers Rebound to 37.8% in U.S. Traffic
royal lepage said Canadian home shoppers regained ground in 2026Q1, rising to 37.8% of international online traffic for U.S. real estate. That was still below the 41.8% level before sweeping U.S. tariffs on Canadian goods, but it marked a recovery from 34.8% in 2025Q1.
1.6% of Realtor.com online traffic came from international home shoppers in 2026Q1, down from 1.8% in 2025Q1 but above 1.2% in 2020Q1. For buyers, that means cross-border demand is still a small share of the market, even as Canadian shoppers remain the largest foreign group.
Miami Leads 10.3% of Views
10.3% of international online views went to Miami in 2026Q1, making it the most popular U.S. market for overseas shoppers. New York, NY drew 4.7%, Los Angeles, CA drew 4.6%, Orlando, FL drew 3.0%, and Tampa, FL drew 2.8%.
37.8% of international traffic from Canada put that group ahead of Mexico at 6.4%, the U.K. at 5.9%, Germany at 3.9%, and Australia at 3.0%. Cape Coral, FL drew 71% of its international demand from Canada, while Naples, FL drew 70.9% and Phoenix, AZ drew 66.9%.
Los Angeles Falls to 4.6%
4.6% of international interest went to Los Angeles in 2026Q1, down from 7.9% in every first quarter between 2020 and 2026. Among North American buyers excluding U.S. domestic traffic, Los Angeles fell from 5.8% in 2025Q1 to 3.3% in 2026Q1, while European interest dropped from 8.9% to 5.7%, Asian interest from 8.9% to 6.1%, and Oceania interest from 18.2% to 9.3%.
2.7% of Dallas interest came from buyers in North America excluding the United States in 2026Q1, up from 1.6% in 2020Q1. Oceania interest in Dallas rose to 4.2% from 3.0%, and South America interest climbed to 2.3% from 1.5%, showing where international buyers are shifting as Los Angeles loses share.
Tariffs Cut Canada to 34.8%
34.8% was the immediate post-tariff low for Canadian international online traffic after the United States imposed sweeping tariffs on Canadian goods, down from 41.8%. The rebound to 37.8% shows Canadian demand is back above the shock level, but still below where it started before the trade move.
If that pace holds, the next quarter will say whether the Canadian share keeps rebuilding or stalls below its prior peak. For U.S. sellers in places like Cape Coral, Naples, Phoenix, and Miami, the numbers point to a market that is still foreign-led in a few pockets and still heavily dependent on Canadian traffic for those neighborhoods.
