As more Canadian investors seek attractive real estate markets south of the border, the Central Florida region, Tampa particularly, is proving to be a strong bet. Both in its commercial and residential segments, the Sunshine State is providing investors with some strong returns and the region is no longer just an attractive proposition for Canadians looking to catch some winter sun.
Florida’s economy continues to grow after the financial crisis of 2007-2009 and is consistently outperforming the nation as a whole. All of the signs mark Florida out as an attractive real estate market for Canadian investors. As well as being home to a hugely lucrative tourism industry, Florida is also a hub of growth industries, including technology, aerospace, digital media and medical research.
Although opportunities in Tampa are attractive, and many Canadians are already benefitting, Steve Seeger, Director Sales & Marketing, for Lennar’s Tampa Division, suggests Canadian investors to enter the market before prices go up and interest rates increase. “Tampa is one of the most affordable metropolitan markets in Florida, but prices are likely to continue to increase and there’s a strong likelihood that interest rates will increase, so consumers have tremendous buying power today,” Seeger says.
Florida’s economy is projected to expand at an average annual rate of 3% up to 2018; performance far stronger than forecasted for the national economy. “If supply remains tight, prices are likely to continue increasing,” Seeger says. “The Tampa destination is attractive to people relocating within the state as well as those relocating from colder climates because you get the Florida lifestyle at affordable prices.”
“When you consider how few American cities have even one of the attractions found in Tampa – beaches, professional sports, universities, and an international airport, it’s easy to understand why Tampa is so popular.”