BMO Report: Canadian Snowbirds Helping Fuel Florida Housing Recovery
- Housing prices up 12 per cent in Florida since April 2011 - Canadians are largest foreign buyers of Florida housing - More than 500,000 Canadians currently own real estate in Florida - Sarasota-Bradenton-Venice is number one area for Canadian buyers
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 04/11/13 -- According to a report by BMO Financial Group, Florida's housing market is on the rebound and Canadian Snowbirds are playing an important role in its recovery.
The report notes the following:
"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," noted Jack Ablin, Chief Investment Officer, BMO Private Bank. "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."
Where in Florida are Canadians Buying?
The report also outlines the key geographies in Florida where Canadians currently own real estate. These include:
A BMO report from 2012 found 16 per cent of Canadians would consider buying a home south of the border. Furthermore:
Laura Parsons, BMO Mortgage Expert, advises that those interested in purchasing U.S. properties should consider financing the new purchase with a financial institution in the U.S. - preferably a Canadian-based bank with branches south of the border. "Having expertise at the local level is always the best approach, particularly when it comes to real estate, as conditions and trends can vary drastically from one location to the next."
Ms. Parsons noted that BMO customers can visit a BMO Harris branch in the U.S., which has locations in Illinois, Indiana, Arizona, Florida, and Wisconsin. "There's a lot to consider when making this decision, and having a Canadian partner can help provide a clear understanding of the differences between Canadian and U.S. financing which, in turn, can save a lot of time and headache," added Ms. Parsons.
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(i)Source: Latest data from National Association of Realtors.
Contacts:
Media contacts:
Rachael McKay, Toronto
416-867-3996
Valerie Doucet, Montreal
514-877-8224
Laurie Grant, Vancouver
604-665-7596
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Datum: 11.04.2013 - 10:00 Uhr
Sprache: Deutsch
News-ID 248058
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TORONTO, ONTARIO
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