Real estate agents in Florida are noticing more and more Canadian buyers purchasing distressed properties in anticipation of their retirement and as an investment. Apparently, they are buying properties which have been heavily discounted as a long-term investment, and there’s no denying it’s an excellent time to buy as the Canadian dollar is currently quite strong against the US dollar giving them extra purchasing power.
This trend has been going on for quite some time now and shows no sign of slowing down, and canny real estate agents are targeting Canadians, with some even attending trade shows in Canada to boost business, and are offering potential buyers exploration trips complete with presentations on the tax implications and property management. Many of these investors are choosing companies which will handle all the details from buying the property to renting and management, keeping their investment as fast free as possible.
Lots of Canadians already know the area well as it’s immensely popular with snowbirds, and while Canadians don’t buy as many properties as the Americans, they are catching up fast to the British, but Brazilian buyers are hot on their heels, and their numbers could overtake the Canadians within the next year and a half. Real estate agents are optimistic Canadian buyers will continue to purchase property in Florida, with many choosing to buy tenanted apartments, especially in Fort Lauderdale, Tampa and Orlando. These Canadian buyers aren’t looking to live in Florida but are simply looking for a good investment, and are choosing to capitalise on the market at all the signs show it is gradually stabilising.
Many Floridians lost their home during the recession and now cannot qualify for a mortgage and have no choice but to rent.