04 Apr SHOULD CANADIANS STILL BUY A HOME IN SOUTH FLORIDA?
Florida Still Very Popular for Canadian Home Buyers
For many decades now, Quebec and Ontario residents have flocked by the tens of thousands to South Florida to their winter hinterlands. Over the years the numbers have accumulated where there are now And as long as freezing cold in Canada, that trend likely won’t end.
Is Florida Still a Smart Choice?
Canadians love living in the US, so whether it’s Florida, Arizona, California or Texas, the exchange will pose a challenge. Florida is Canadians favorite location and a lack of state and inheritance tax may be major positives.
86% of Canadians paid cash for their US properties and buying was brisk a few years back when the loonie was worth more than the greenback. In a 12 month period during 2013/14, Canadians purchased US$13.8 billion worth of property in the U.S.
48% of those Canadian buyers expected to use the property for only 3 to 6 months according to a report in the Canadian Business Journal.
Where Do Canadians Buy Property in Florida?
French Canadians have had a special liking for Hallandale and Hollywood Beach, where they find their fellow Quebecers in particular numbers. Some prefer the more pricey and exclusive neighborhoods of Palm Beach and Jupiter Island.
French singer Celine Dion lived here but has put her mansion up for sale. She’s cut the price drastically, so if you’re still interested let me know. It’s quite a place.
While New Yorkers had their favorite spots and French Canadian had theirs, the markets have changed along with currency valuations.
Ontario buyers can be found all over since language isn’t much as issue in Naples, Tampa, St Petes or the Palm Beaches and the Treasure Coast. Now you’ll find neighborhoods an eclectic mix of nationalities. And South Americans buying in Florida made it an even more interesting place to live or visito for the winter months.
CAD to US Exchange Hurt Sales
While the loonie has fallen drastically, it’s reduced purchases from Canadians (and they are encouraged to cash in by selling their Florida homes in US dollars) Canadians still buy here. Prices in Miami have risen steeply and its caused Canadians to look north more affordable property. Homes in Wellington, Delray Beach, Boynton Beach, and Boca Raton are just a few of the spots they’ve been looking in.
Selling a home in Toronto at current prices could leave the seller with a lot of cash and Florida homes aren’t that expensive, unless you’re looking at waterfront in the Florida Palm Beaches or Miami. Many suddenly wealthy Torontonians could easily afford a winter property here.
Why Should Canadians Buy in Florida?
- it’s your favorite destination and it’s paradise
- home prices are rising
- home prices still much lower than 2007 peak
- economy strong and improving
- buyer can get a Canadian lower rate mortgage
- property could be rented at excellent rental rates
- there’s a million Canadians in Florida