“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,” said Jack Ablin, chief investment officer for 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.”
The analysis is largely reflected in the results of the report, which points to a surge in the price of a single family home in South Florida, up 12 per cent from its low point in April 2011. The report also identifies growing demand for Florida real estate from foreign buyers, most notably Canadians, who have helped support property prices.
Canada remains Florida’s No. 1 source of foreign real estate buyers, although the same rising prices BMO points to have led to bidding wars and turned off some Canadians.
That is less so for some key markets. The report also outlines the key geographies in Florida where Canadians currently own real estate. These include:
• Sarasota-Bradenton-Venice (17 per cent)
• Orlando-Kissimmee (13 per cent)
• Miami-Ft. Lauderdale-Palm Beach (13 per cent)
• Cape Coral-Ft. Myers (9 per cent)
• Tampa-St. Petersburg (9 per cent)
• Naples-Marco Island (9 per cent)
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate