When people talk about our "reliance on foreign oil" it's worth remembering that the single country from which we import the most "foreign" oil is Canada: 37% of our oil imports came from Canada in 2014, more than the entire Persian Gulf states including Saudi Arabia, combined. Be nice to Canadians, they not only have oil, they have lots of water too.
However, according to the Canadian Broadcasting Corporation, (CBC), the decline in the purchasing power of the Canadian dollar and uncertainty about where it and oil prices will be in the future means fewer Canadians coming to Palm Springs, fewer of them buying homes here, fewer of them spending their money here and some selling up their homes, in US dollars of course, to cash in on the relative strength of the US dollar. Anyone who bought a home here when they could get a buck ten for a Canadian dollar can now make between twenty to thirty percent on their second home just on the exchange rate difference alone, never mind the recent appreciation in home values.
Spending six months a year in the U.S. can be a tricky business for Canadians as another CBC article points out. Currently Canadians may only stay legally in the US without a visa for 182 days in any twelve month period and there are complex rules governing how those days are calculated, (e.g. if a Canadian stayed in Palm Springs for 122 days each year for three consecutive years the IRS could to go after them for income tax - you can check that out here).
Though Canadians are allowed to stay longer than people from other countries (it's 90 days if you're from elsewhere that has a visa waiver arrangement like Britain) there has been a proposal that Canadians who are over 50 years of age be allowed to stay 240 days, but it's still only that, a proposal.
I don't know how many Canadians come here each year nor how many have bought homes here nor even how much they spend when they are here, but according to the first CBC article it's significant. I'm sure local business people have a good idea and they might like to comment here. I'll try to get some data to get a better sense of what the impact of this shift is likely to have on our local economy but one thing's for sure, it won't be good.