Lately, a lot of attention has been focused on the Miami real estate market and the international buyers it is attracting that hail from Europe and South America. However, one of the largest groups showing an interest in the region are from Canada. Florida realtors, a trade group, reports that thirty six percent of international and real estate purchases can be directly attributed to Canada.
Canadians interest in South Florida real estate
The Bank of Montréal reports that twenty percent of Canadians are looking to purchase US property as an investment and vacation destination. That is a huge number when the statistical data is analyzed.
The recent recession in the economy has depressed the US real estate market and dropped prices to a near all time low. At the same time, the loonie, the Canadian dollar, has gained strength. This is spurring renewed interest for Canadians purchasing vacation homes abroad. The Canadian interest in South Florida real estate has always been strong. It is only the recent economical situations of both countries that has sped up the timelines for owning property abroad for Canadians buyers.
Canadians from all parts of Canada, but the largest groups are from Toronto, Calgary, Montréal, and they are interested in purchasing South Florida real estate for the same reasons that US citizens are interested in purchasing Miami real estate. Due to the harsh weather experienced in Canada during the winter months, many Canadians are seeking warmer climates for vacationing. Florida, however, experiences a tropical climate year-round, making it an ideal place for Canadian buyers. In addition, Miami real estate offers nice beaches and easy flight access while still offering a variety of potential lifestyles. Miami has properties available in almost all districts, each offering distinct experiences for the new home owners. Miami is a tropical paradise that finally has reached a point in which real estate is affordable due to the recession.
Another contributing factor in Canada's interest in Miami Florida properties for sale is the rising property value within their own country. As US's real estate market has experienced declining property values over the last few years, Canada has seen a doubling of property value during the same time span. According to the Montréal Gazette, the average property value in Canada is just over $330,000 which is up from $150,000 fifteen years ago.
It is this appreciation in Canadian homes that is allowing homeowners to utilize the equity within the domestic properties to purchase Miami property for vacationing. This particular method of refinancing a home means that the transaction is a fairly simple process.
What Miami Property Are Canadians Buying?
Most properties purchased by Canadians are focused in the areas of Miami-Dade, Broward, and Palm Beach. This information is verified by the Miami Association of realtors. The types of Miami Florida properties for sale the Canadians purchase are varied. While many are seeking single-family homes to use expressly for the purpose of vacation, there is also a large number of Canadian purchases that are targeted toward condos within Miami real estate. Condos offer great vacationing locations with beautiful ocean front views while single family homes are suited larger families.
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