The Sunshine State has welcomed many Canadians who are escaping the chilly north for some warmth. Now, we are seeing that these Canadian homeowners in Florida are becoming big sellers due to a favorable exchange rate. Currently, the exchange rate is 73 cents for every dollar, one valuable enough for many Canadians to sacrifice their Florida real estate.
Canadian Real Estate agent Laura Leyser recently spoke to a group of 100 real estate agents and brokers at the Miromar Design Center in Estero.
“Canadians see this time as an opportunity to sell,” said Leyser, who is past president of both the Canadian and Ontario real estate associations.
An influx of Canadian sellers in southwest Florida could really heat up the market, many agents believe. Michael Burke, an agent in Bonita Springs, explained that Canadian homeowners in Florida would get between $1.30 and $1.40 for each dollar in they decide to sell. Bound to be a popular choice, the market will feel the change because Canadians make up the biggest proportion of international buyers in Southwest Florida, according to the Naples Area Board of Realtors. In Collier County, about 70 percent of international buyers are Canadian, NABOR said.
Canadian buyers even have a strong showing nationally. They made up 14 percent of all international property buyers in the U.S. in 2015, NAR said.
However, US real estate recently became more expensive for them. Across the country, Canadian buyers were spent $11.2 billion on residential purchases in in the US in 2015, down from $13.8 billion in 2014, NAR reported.
For now, purchases by Canadians do not make the most financial sense. That being said, we expect many more sales coming from Canadian homeowners in Florida. If you are a Canadian who owns property in the Miami area, feel free to reach out to our agents with questions about the current market.