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An article published in the Toronto Star just yesterday by Business Reporter, Susan Pigg, stated that Canadians are now the biggest foreign purchasers of Florida real estate. This news comes from a report just released by a BMO Financial, one of Canada’s largest financial institutions, which was the focus of the article.
More than 500,000 Canadians now own property in Florida, making them the biggest foreign purchasers of Florida real estate. Canadian purchasers helped drive a 12 percent increase in Florida real estate over the last two years, according to the report.
Florida Home Finders of Canada has dubbed buyers “endvestors” –buyers scooping up real estate while it’s cheap and interest rates low and renting properties out until they can eventually retire to Florida for winter or vacation there more often.
Jack Ablin, Chief Investment Officer, BMO Private Bank has this to say:
“Beyond the obvious attraction of great weather and beautiful beaches, there are two factors that are making Florida real estate an especially good value for Canadians. The first is that Florida properties are a bargain compared to real estate in Canada. The median priced home in Florida is nearly half than that in Canada. At the same time, the Canadian dollar is trading nearly 10 per cent above ‘fair’ value versus the U.S. dollar, arming Snowbird shoppers with extra buying power.”
Nine percent of Canadians have opted to buy in the gulf coast areas of Cape Coral-Fort Myers, Tampa-St. Petersburg and Naples-Marco Island.
Canadians accounted for almost 40 percent of all real estate purchases in Florida in 2010, BMO notes, adding that a report from 2012 found 16 per cent of Canadians were considering making a purchase south of the border, some 29 percent of them as an investment and 56 percent simply to have a fun family gathering place.
Click HERE to see the full article.
John R. Wood Agents have the market knowledge and international buying expertise to assist you with your home purchase in Southwest Florida. As the oldest real estate firm in the area, John R. Wood Realtors assists Canadian buyers and buyers from all over the world in finding their home in paradise. To find a John R. Wood Agent who can help you find the perfect Southwest Florida home, click HERE.