While we've been distracted by Canada's Hollywood exports in the form of Ryan Gosling and Ryan Reynolds, investors from the North have been busy snapping up homes in the U.S.
Canadians retained their spot as the No. 2 international investors in U.S. property, with Florida coming in as the most popular state among this investor group, according to the 2017 National Association of Realtors’ International Activity in U.S. Residential Real Estate Report.
Despite the weak Canadian dollar, (one Canadian dollar will get you 79 U.S. cents) Canadians remain key home buyers. Of the nearly $20 billion in U.S. real estate purchases, $7 billion were in Florida alone. Other popular states include Texas, California, New Jersey and Arizona.
Canadians have more than doubled their spending on U.S. properties. Between April 2016-March 2017, Canadians spent $19 billion on U.S. real estate, up from $8.9 billion the previous year.
In Canada, house prices rose by 10 percent in 2016, compared to 5 percent in the U.S. In particular, Vancouver housing prices rose sharply over the past year by 17 percent. The U.S. housing market saw modest price growth compared to Canada’s housing markets, which may have played a role in increased spending on U.S. properties.
The Orlando Agency have recently set up a headquarters for Canadian's looking to purchase real estate in Orlando, fast becoming to go-to destination for many Canadians contemplating investment into the Florida real estate market. "We've seen a large number of Canadians purchasing in Orlando as opposed to the traditional areas of the South-East and South-West of Florida, mainly due to the variance of real estate options, combined with income potential that's available in the World's #1 Vacation Destination", says Senior Global Real Estate Advisor, Garry Walmsley of Global Real Estate Services.
As an expert in Orlando Resort and Lifestyle real estate, Garry has built relationships with trusted partners RBC Bank and Altro Levy, so as to be able to provide a complete resource for Canadians who are able to educated on purchase options available, as well as being able to address relevant questions in terms of tax and title along with a full cross-border solution for Canadian Citizens.
Source: Orlando Sentinel / NAR Global / The Orlando Agency