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Monday, 28 January 2013 21:11

Fewer Canadian snowbirds flying to Florida

Written by  Vernon Clement Jones
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The appetite for Florida property is starting to wane among Canadian snowbirds, according to a new report from Realtors anxious to address concerns about rising prices.

“We’re dealing in a world where prices are starting to come back, but there’s still room to go,” says John Tuccillo, chief economist for the Florida Realtors association, told reporters this week. “There are areas here where there are still bargains.”

The comments are being directed at Canadian investors among others who rushed in to snatch up Florida properties following the 2007 market collapse.

New numbers from the association suggest the flow from north of the border is starting to slow. That

Canadian buyers now account for only 31 percent of international buyers in Florida, down by several percentage points from even 18 months ago. Their preferences largely remained the same, with about half opting for condos and spending three months to six months of the year in the Sunshine State.

While some two-thirds of the properties cost less than $200,000, that number represents an increase from even a year ago. Past Canadian buying sprees in part responsible for the buoyed prices, not only for vacation homes but also the single-family stock pointed at renters.

Canuck buyers for those two types of properties are expected to continue dominating key Florida markets, but the improving economy means they’re going to have to temper their expectations. Many have, in fact, started to look for opportunities in other depressed states where prices remain little changed from 2008 lows.

“I would come (to Florida) without a lot of illusions,” said Tuccillo. “If you come expecting to pay 20 cents on the dollar, you might be disappointed.”

Last modified on Wednesday, 30 January 2013 16:38

4 comments

  • Glenn Tuesday, 05 February 2013 14:45 posted by Glenn

    I just returned from a buying trip to the Sarasota area on Jan. 28. I was disappointed in how much prices seemed to have increased. We are still very interested in buying and renting it but the tough decision remains - which property do we buy.

  • Ron Price Monday, 04 February 2013 17:12 posted by Ron Price

    i have been watching the florida market for several years now

    although we are not ready to buy 'for ourselves' yet; buying now as an investment is more appealing w full time tenants. Costs will be covered so it's a win/win.

    this way we will get a greater 'lift' when we sell in hopefully the distant future.

  • The French Investor Thursday, 31 January 2013 23:28 posted by The French Investor

    Is Florida sill a good area to buy and hold?

  • Brampton Real Estate Agent Wednesday, 30 January 2013 14:11 posted by Brampton Real Estate Agent

    Perhaps it is because of our warm winters as of late! haha

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