With the loonie losing value against the American dollar, US housing prices on the rise again, and the threat of high mortgage rates lingering, Canadians may have missed their chance to score a great deal on a Florida home in the gated community.
Don’t lose hope just yet though! There seems to be a consensus among some Canadian media outlets that aspiring snowbirds can still purchase that affordable home in a warmer climate south of the border.
Although there are fewer distressed properties, foreclosures and short sales on the market, a recent Financial Post article lists 14 American housing markets that remain swamped with foreclosures.
The majority of the markets listed are located in Florida, giving hope to Canadians who still want to buy in the Sunshine State.
Florida and Arizona are the most popular states for canucks to purchase homes in the US and both were hit by a massive drop in housing prices during the recession.
Florida hotspots for Canadian purchasers include Fort Lauderdale, Orlando, and Naples. Las Vegas, Nevada is also a top choice.
A recent Canadian Press article notes that the median home price in the US during the first quarter of 2013 was $176,000, almost 12 per cent more than the same period a year earlier.
Before the 2008-09 recession, US home prices averaged $227,000.
With the US market gradually regaining its strength, it’s unclear how much longer Canadians will be able to find these great deals.
The National Association for Realtors is predicting US home prices will continue to rise over the next few years, while north of the border TD Bank predicts the loonie will continue to drop for the remainder of 2013.
Only time will tell how long Canadians will be able to scoop up great homes for lower prices in the States, but for now many good opportunities remain on the market — you just need to know where to search.