Canadian buyers accounted for approximately 32 percent of international foreign buyers in Florida. According to the National Association of REALTORS - Florida, International Surveys.
Purchases of non-resident foreigners buying property in Florida is estimated at approximately $7.97 billion.
Foreign home buyers in Florida come from a wide variety of countries. However, ten countries accounted for about 70 percent of reported foreign sales.
Canada continued to be the major country of origin followed by the United Kingdom. Among the Latin American countries, Brazil and Venezuela were the major sources of clients. The share of buyers from China has increased
Canadians buyers purchased nearly $2.2 billion of real estate properties in a number of areas across the state. Tampa-St. Petersburg-Clearwater, Cape Coral-Fort, Fort Lauderdale, remain the three top Destination.
Approximately half of Canadian buyers paid under $200,000. The average (mean) price paid by Canadian buyers was $260,800, which was below the $300,600 average (mean) price paid by all foreign buyers in Florida.
Although only 14 per cent of Canadians reportedly bought the property for investment reasons. The majority of Canadian buyers purchased properties located in a resort or suburban Resort 40% Suburban 33%. Approximately half of the properties purchased by Canadians were Vacation Home.
Slightly more than half of Canadian purchases were for condominiums/apartments and townhouses/row houses. With 38% buying Single Family-Detached.
The survey reported that most Canadian buyers 61% planned to use the property between 3 to 6 months during the year, which is in line with the overall preference for Canadian buyers to purchase property intended to be used for vacation.
To avoid all the hassles with getting a mortgage, approximately 89 percent of Canadian buyers paid cash. Foreign Investors usually pay cash due to the unavailability of bank financing to international clients
Banks are reluctant to lend to foreigners. When financing is offered, a very substantial down payment is frequently required.
About 85 percent of Florida REALTOR® respondents reported that the value of the U.S. dollar relative to foreign currencies had an impact on the real estate purchasing decision.
A weaker U.S. dollar means that the foreign buyer’s money goes farther in the U.S., thus effectively making U.S. real estate less expensive for the foreign buyer than would otherwise be the case.
Photo via MLS-201047853-5