Canadian snowbirds fly back home

More Canadians are choosing to cash in their snowbird homes in the U.S. as the increased home prices and strength of the U.S. dollar make it a profitable time to sell.

The Financial Post reported that data from Canadian Forex showed a 100 per cent increase in the level of cash coming back to Canada from U.S. home sales in 2014, compared to the previous 12 months.

Although mortgage rates are low in the U.S. they are still higher than Canada’s and the uncertainty in the U.S. housing market is prompting a sell-off rather than betting on prices increasing further.

Investment in property south of the border is also declining. However with an ageing population that may yet choose to retire to popular locations, such as Florida and Arizona, it could be just a temporary shift.   

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