Canadian Buyers Have Big Impact On South Florida Real Estate

Canadian Buyers Have Big Impact On South Florida Real Estate

Thanks in part to an especially cold winter, Canadians' interest in South Florida vacation homes continues to grow.

Canadians comprised 9 percent of all foreign buyers of South Florida homes last year compared to 6 percent in 2016, according to a Miami Association of Realtors® and the National Association of Realtors (NAR) report.

Nationally, Canadians purchased $19 billion of residential property in the United States last year – more than double their $8.9 billion of purchases in 2016, according to NAR.

The sustained strength of Canada's housing market is also motivating Canadians to sell their primary residences.

Rob Siemens, director of marketing for the Siemens Group, says Florida's hurricane season "isn't a major concern" among Canadians shopping for second homes in the state. He adds that Canadians own roughly 15 percent of the 3,400 condo units at the Boca West Country Club in Boca Raton, and expects that population to grow as Canadians buy into Ayoka Boca West, a 139-unit condo that Siemens Group is developing on the grounds of the country club property. Prices for condos at Ayoka Boca West start at $1 million.

Courtesy of : The Real Deal (02/18/18) Seemuth, Mike

© Copyright 2018 INFORMATION INC., Bethesda, MD (301) 215-4688  

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Phone: 561-291-1783
Dated: February 26th 2018
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