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Why are Canadians buying Florida real estate?

Why are Canadians buying Florida real estate?

The reason Canadians love buying Florida real estate so much is likely due to the economic situation in Canada and the US as well as social factors. This perfect combination has created a high interest for Canadians to buy US real estate.
Firstly, the US economy has been struggling for some time due to its real estate crash. Housing prices decreased significantly, including in Florida. Meanwhile, Canada was relatively protected from the recession and did not experience a steep drop in housing prices. This has allowed Canadians to buy cheap US real estate.
Secondly, the value of the U.S. dollar as compared to foreign currencies has dropped significantly over the past several years. In fact, the Canadian dollar has strengthened between 10 and 20 percent versus the U.S. dollar in the last few years. This combined with the US housing market crash has created a once in a lifetime buying opportunity for Canadians buying US real estate, especially those that beliece the US economy will recover.
According to the NAR (NATIONAL ASSOCIATION OF REALTORS Survey), there is a strong trend in the type of properties purchased by international buyers in the United States. Detached single-family homes were the most popular, and followed by town houses and condominiums.
Despite this trend, Canadian buyers mostly preferred condominiums, which total to over thirty percent of the properties purchased by Canadians. In addition, close to 65% of Canadian buyers plan to use their US homes for vacation purposes, compared to about 7% who were motivated by the investment aspect. More recently, many Canadians have been purchasing homes in the US for investment purposes.
50% of Canadians are buying condominiums with the rest focused on family homes or townhouses. Most Canadians indicate that they are interested in spending about 3 months in their home.

Where are Canadians buying US real estate?
Florida, California, Arizona and Texas were the four dominating state that’s attract Canadian buyers. In Canada, more than 60 percent of the properties purchased were in Florida or Arizona. (Florida 33.1%, Arizona 27.2%). In comparison to domestic buyers, international buyers tend to purchase more expensive homes. The standard international buyer paid 297,400$, while the national purchaser paid on average 217,900$. Amongst Canadians, 70% paid for their U.S. homes in cash, while only 30% used a mortgage to finance their investment. However, of those that paid in cash, many of them could have borrowed from a line of credit in Canada.