My Florida Property Store is a Central Florida real estate group specializing in sales to foreign nationals, and says Canadians have played a large part in the Florida real estate boom in recent years.
My Florida Property Store has always received a large share of its business from Canadians, and particularly from those looking to buy real estate in Central Florida. A report released earlier this year by BMO Financial Group found more than 500,000 Canadians currently own property in Florida. Canadians are the largest group of international purchases in that region, accounting for roughly 1/3 of all foreign real estate purchases in the state. My Florida Property Store doesn’t anticipate these numbers will fall anytime soon.
The company has pointed out that they have seen a steady increase in interest from Canadian buyers since 2004. Torontonians in particular are choosing to purchase property in central Florida, primarily as a lifestyle choice. However many are also investors from the Greater Toronto area who are looking to make strategic purchases to improve and diversify their retirement or investment portfolio.
Canadians, like many others are drawn to Florida due to the warm winters, especially as this can be an extremely snowy season for those living north of the border. Apparently some 13% of Canadian buyers are choosing homes in Central Florida, and this area is second in popularity to Sarasota.
In addition, Canadians are being drawn to Central Florida due to the favorable purchase costs. The median price of homes in Florida is approximately half that of property in Canada. The Canadian dollar is also currently trading at approximately 10% above what is considered to be a fair value versus the US dollar. This is giving Canadians extra buying power to purchase property that is already perceived as being ‘on sale.’
My Florida Property Store feels now is the right time to buy property in Central Florida, as while affordability is up the number of homes for sale is declining as demand is outgrowing the current supply. The company specializes in representing foreign nationals and out-of-state clients in the buying and selling of investment properties for short-term or long-term rental. It has an extensive database of homes in Central Florida with a focus on, Celebration, Davenport, Reunion, Dr. Phillips, Kissimmee, Windermere and the Metro Disney area.