Why Canadians Are Florida’s Top Foreign Property Buyer

Why Canadians Are Florida’s Top Foreign Property Buyer

Posted on: October 11, 2013

floridaA recent Globe and Mail article released several statistics about the increase in Florida foreclosure property purchases by Canadians. Canadian’s are aware of the deals located south of the border; they are taking advantage of the property investment opportunities and in return are helping boost Florida’s housing market. Canadian buyers accounted for 36 per cent of foreign buyer real estate purchases in 2010.

“A new Bank of Montreal report indicates that growing demand from foreign buyers —notably Canadians—is helping boost property prices in the Sunshine State.

Citing the most recent S&P Case-Shiller data, the report says the price of a single family home in South Florida surged 12 per cent from its low point in April 2011.”

The Chief Investment Officer Jack Ablin, at BMO Private Bank suggested one reason why so many Canadians are investing in Florida foreclosures; “Florida properties are a bargain compared to real estate in Canada. The median home in Florida is nearly half than that in Canada.”

Read the rest of the article here for more information on where Canadians are purchasing in Florida, the advantage of the Canadian dollar, and average housing prices in Florida.