Canadiansâ€™ passion for sun and sand has helped drive a 12 per cent increase
in Florida real estate over the last two years, according to a BMO
More than 500,000 Canadians now own property in what was one of the
hardest-hit U.S. states in the 2008 housing meltdown. And snowbirds remain the
biggest foreign purchasers of Florida real estate despite a surge in interest
from Asian and South American buyers over the last year or so.
Canadians are already seeing payback from their purchases, says the BMO
Financial Group report released Thursday.
The price of a single-family home has climbed 12 per cent since April 2011,
with the worst of the collapse now well behind the U.S., according to a recent
S&P Case-Shiller study of U.S. house prices.
The BMO report paints an interesting picture of where snowbirds have landed
in the sunshine state, many of them what Florida Home Finders of Canada has
dubbed â€œendvestorsâ€ â€” folks scooping up real estate while itâ€™s cheap and
interest rates low and renting the properties out until they can eventually
retire to Florida for winter or vacation there more often.
According to the most recent
Florida Realtors statistics, released last February, demand remains strong in
the state and has helped push median single family home sale prices up about 12
per cent just in the last year, to $168,000. Condo prices have climbed 8.4 per
cent to a median price of $136,000.
popular southern Floridaâ€™s Miami-Fort Lauderdale-West Palm Beach area, with
its vibrant nightlife and ocean vistas. About 13 per cent of Canadians have
invested in each of those areas, according to the BMO study.
While the price of condos in the
same popular snowbird nesting spots were up 15 per cent to a median price of
$134,000, the number of condos sold declined by almost 2 per cent last year,
While Canadians accounted for
almost 40 per cent of all real estate purchases in Florida in 2010, they are now
facing stiff competition from Asian buyers and domestic investment companies
that have been scooping up hundreds of Floridaâ€™s remaining distressed properties
in the last year or two, sensing that the market is poised for a major
If you are interested in buying real estate in Florida please contact me at 561-868-0591 or http://www.isellflahomes.com/canadiansinflorida