Canadian buyers accounted for 5.95% of the homes purchased in Maricopa County at their peak of the real estate market in April of 2011. The Canadian dollar(CAD) was worth more than the US dollar and Canadians were purchasing at the bottom of our market.  

Today, the stronger US dollar buys $1.29 Canadian dollars turning our Canadian friends into mostly sellers rather than buyers.  The first six months of 2016, we see that for every one Canadian purchasing a home there are nine selling. The fear of some is now confirmed - our collective hockey IQ is falling.  

Source:  ARMLS STAT Report for June 2016 and Tom Ruff of the Information Report