March 7, 2010
With the loonie soaring and Florida house prices down 50% to 60% from two years ago, Canadians are scrambling to get in on that market! And they’re happy to have us!
Several developers are offering a ‘Fly Buy’ program which means that if you take a trip down to Florida to visit the community you’re thinking of buying in, they will reimburse you partially for that travel expense upon purchasing the property. In addition, Canadians with good credit can obtain mortgages with interest rates just 1% above what they pay here.
Canadians purchased 140,000 properties in the US last year and 40% of them were in Florida.
To give you a sample of how enticing the market is there…a brand spanking new one-bedroom condo is around USD$175 000 and a luxury three-bedroom and two-and-a-half-bath in Fort Lauderdale is running for about USD$750 000.
Vice President of Florida HomeFinders of Canada (FHFC), Brian Ellis, says:
“As you can see, luxury suites (with ocean views) are available at about half what they would cost in Toronto. Bagging a beachfront address has never been more affordable.” The National Post
You can learn more about how to invest in Florida real estate by attending one of Mr. Ellis’ seminars. You can view times at floridahomefinders.ca.