Now is the time for Canadian real estate investors to buy in Florida before investors from Asian countries become the new Florida snowbird.
More than 500,000 Canadians currently own property in Florida, and many have made a return on their investment since 2008 when the state was one of the hardest hit in the nation by the housing crisis. The price of single-family homes in Florida is currently up 12 percent, according to the Toronto Star.
In 2010, Canadians accounted for almost 40 percent of all real estate purchases in Florida, but they are now facing stiff competition from their Asian counterparts. This competition is mostly over bankrupt development projects around $100,000. As a result, many Canadian real estate investors are investing in discounted homes over $200,000 and $300,000 while they are still available.
Canadian real estate investors are also facing competition from Brazilian investors in Miami and Orlando.
If you are interested in investing in Florida real estate, buying a winter home, or selling a piece of property, contact Boyer Law Firm’s real estate attorneys today. We have attorneys and paralegals who speak both French and English.
Source: Toronto Star