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Move over, snowbirds: Chinese buyers are now the top foreign purchasers of U.S. homes by sales volume, a distinction that Canadians had held since at least 2010. Chinese home buyers spent $28.6-billion (U.S.) on American homes in the 12 months through March, and accounted for 16 per cent of existing home sales to foreigners, according to a report released Wednesday by the National Association of Realtors. Canadians spent $11.2-billion and accounted for 14 per cent of transactions. Buyers from China have spent a greater sum than Canadians the past three years on account of higher average purchase prices. In the most recent year, Chinese buyers spent an average of $831,800 per transaction, while Canadians spent an average of $380,300.

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