Canadian’s top place to buy? Florida!

By
Managing Real Estate Broker
http://actvra.in/xks

Who would have ever thought that the Canadian dollar could be stronger than ours?!  The strength of the Canadian dollar, sustained low pricing in the U.S. housing market, and perceptions regarding the general economic outlook continue to encourage Canadians to purchase a home in the Sunbelt states.

Even for international buyers it’s location, location, location. Forty-three percent of those surveyed report a favorable location as their clients’ most important factor when choosing where to purchase. That was followed by 27 percent who stated their clients’ top reason to buy in the U.S. was that they view U.S. real estate as a profitable investment.

Canadians specifically purchase due to a perceived positive return on their investment. They also showed a strong desire for a lakefront recreational location. In fact, eight percent of Florida re-sales were to Canadians in 2010. Similar culture, closeness to their native homeland and lack of a communication barrier are also factors steering Canadians to the lower 48 U.S. states.

The NAR profile also showed that in the 12-month-period ending March of 2011, Canadians accounted for 23 percent of all foreign buyers – the largest of any country. In a 2010 article, Canada’s largest daily newspaper The Globe and Mail reported that a vast majority of Canadians were paying cash for their purchase.

“There are few lenders who have a mortgage process tailored for Canadians looking to purchase a home in the U.S.,” said Sheila Blom, Florida mortgage market manager for M&I, a part of BMO Financial Group. “Our parent company is based in Toronto, so naturally we have relationship products specifically designed to meet the needs of Canadian customers for purchasing or refinancing their primary residence, second home or investment property in the U.S. News from Florida Realtors.

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  1. Winston Heverly 04/30/2012 10:24 PM
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Rainmaker
750,990
Carol Zingone
Berkshire Hathaway Home Services Florida Network Realty - Jacksonville Beach, FL
Global Realtor Based in Jax Beach, FL

Love our North American buyers to the north of us!

Mar 16, 2012 05:39 AM #1
Rainmaker
738,381
Winston Heverly
Winston Realty, Inc. - Atlantis, FL
GRI, ABR, SFR, CDPE, CIAS, PA

Just sold a little unit last week, but we are such an international area most of my clients are from somewhere else. A scary thought that I may be the last American here eventually.

Mar 16, 2012 05:43 AM #2
Ambassador
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Harry F. D'Elia
Precision Real Estate Inc. - Phoenix, AZ
Investor , Mentor, CSSN, Radio Coach, REOs, ABR

Then, I have to guess that Arizona is the second favorite place.

Mar 16, 2012 06:34 AM #3
Rainmaker
118,671
Kevin Guttman
Fairway Mortgage Corp. - Colorado Springs, CO
Top Mortgage Originator

O Canada!

Come and spend your money in America!

Your economy is stronger than ours!

So travel here and buy lots of stuff including real estate!

Mar 16, 2012 08:26 AM #4
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Heather Barber

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