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In today’s edition of the Financial Post, a Canadian publication, an article by Gary Marr discusses whether or not its too late for Canadians to buy in these areas, including Southwest Florida. According to agents cited in the article, it is not too late, BUT better hurry as prices are going up.
John R. Wood’s CEO, Phil Wood, was also quoted in the article; here is an excerpt:
Canadians are helping things pick up in Florida, says Phil Wood, an agent with Naples-based John R. Wood Realtors, who has 35 years in the real estate business in southwest Florida.
“I have seen the ups and downs and everything in between. I feel like I’ve seen it all,” says Mr. Wood, whose region is filled with Canucks. “I’ve just seen a little more urgency in the last months with [Canadians]. They seem to realize that certain areas, like southwest Florida, prices are heading up. They want to buy sooner than later. We have clients who won’t use the property for 10 years but want to lock in at current price levels.”
But even he says you need a plan and not just some trophy asset you can brag about. He says the majority of his Canadian clients are buying a second vacation home that will be used on a more regular basis once retirement hits.
Meantime, renting the property is an option. November to April is prime time for renting, although many owners want to use their property for three or four weeks during that period.
Mr. Wood says a typical US$200,000 condominium — a 1,200-square-foot apartment with two bedrooms, two bathrooms “near the water but not on the water” — may cost between US$1,000 and US$1,200 per month to carry in maintenance, condo fee, tax and utilities costs.
That doesn’t include debt carrying costs. But Mr. Wood says about 90% of Canadians pay cash even though they can finance for up to 65% of a home’s value — albeit, such financing is hard to come by, according to most experts.
“They’re ripe,” he says of Canadian buyers. “Your economy is good, the exchange rate is good, mortgage rates are good, our prices are good. It’s just a great time to reach out.”
That US$200,000 apartment, Mr. Wood notes, would have been worth close to US$400,000 at the peak of the housing market.
To read the full article, click HERE.
All of our agents are experienced and able to assist Canadian buyers looking to purchase in Southwest Florida! Click HERE to find a John R. Wood Agent.