Canada's Buyers Enhance Sarasota's Housing Boom
Foreign homebuyers continue to play a vital role in America’s ongoing housing recovery. Over 7% of the homes and condos now on the market in the United States will be purchased by non-Americans, and over 25% of the homes sold to foreigners are homes in Florida. Canadians lead the pack among the foreigners buying up those Florida homes. 36% of all the real estate purchased by foreigners in Florida in 2010 was sold to Canadian buyers, and more than 500,000 Canadians owned real estate in Florida in 2012. It’s no surprise that Canada is the home of more Florida tourists and seasonal residents than any other nation.
It’s also no surprise that Sarasota is Florida’s top market for housing sales to non-Americans. Canadians, in fact, are playing a crucial role Sarasota housing’s robust recovery. In just 2 years, the median price of single-family homes in southwest Florida has gained 12% (April 2011 to April 2013). The effect of Canadian buyers has been to keep housing prices rising. Undoubtedly, Sarasota’s spectacular sunny beaches and the delightful weather are major attractions, but economics are also moving many Canadian purchasers to buy in Sarasota. The median price for single-family homes is dramatically less in southwest Florida, just over 50% of the median price of a Canadian home. Also, Canada’s dollar is trading at nearly 10% above “fair” value against the U.S. dollar, giving Canadian homebuyers noteworthy extra purchasing power. With today’s continuing low interest rates, these factors mean that purchasing a house or condo in Sarasota a solid bargain for scores of Canadian buyers.
And buying a home in Sarasota is easy for Canadians. Most Sarasota area lenders and real estate agents have already worked with hundreds of potential Canadian homebuyers. Sarasota’s doctors, attorneys, and banks also regularly work with Canadian clients. Canadians permanently relocating to Sarasota will be able to obtain a driver’s license or open a bank account with ease. With 35 miles of glamorous beaches, a remarkable climate, cultural attractions like the Ringling Museum of Art and the Historic Asolo Theatre, fabulous restaurants, and a wide range of stylish condominiums and luxury homes, Sarasota’s lure is virtually irresistible. Canadians and other newcomers will find an energetic, flourishing city, and best of all, no snow.