Florida property has long been on the radar of UK investors, eager to establish a base in sunnier climes for the winter but without the challenge of a language barrier. Canadian buyers have the same idea it seems, with a new report from BMO Private Bank highlighting their role in the recent resurgence of the Sunshine State's housing market.

Latest figures reveal that property prices have surged 12 per cent from the low-point reached in April 2011. This compares favourably to the overall US average - the national housing market has seen an upturn of nine per cent.

And BMO Private Bank claims Canadian buyers are doing much to support prices in Florida, as they head south to avoid the snow season at home. In 2010, Canadians accounted for 36 per cent of all real estate purchased by foreigners, and more than 500,000 nationals currently own property in Florida.

"Beyond the obvious attraction of great weather and beautiful beaches, there are two factors that are making Florida real estate an especially good value for Canadians," claimed Jack Ablin, chief investment officer at BMO Private Bank.

"The first is that Florida properties are a bargain compared to real estate in Canada. The median priced home in Florida is nearly half of a home in Canada. At the same time, the Canadian dollar is trading nearly ten per cent above 'fair' value versus the US dollar, arming snowbird shoppers with extra buying power."

In terms of Florida real estate locations, the Sarasota-Bradenton-Venice region proves most popular among Canadian investors (17 per cent), ahead of Orlando-Kissimmee (13 per cent), Miami-Ft. Lauderdale-Palm Beach (13 per cent), Cape Coral-Ft. Myers (nine per cent) and Tampa-St. Petersburg (nine per cent).

Foreign consumers may invest in Florida property for a number of reasons. While many desire a second home - and a warm haven for the winter - others recognise the potential rental opportunities, particularly where overseas tourists are concerned. Others may desire Florida real estate as they approach retirement and consider a new life in a foreign land.

source: http://www.propertyshowrooms.com/usa/property/news/florida-property-comeback-led-canadian-investors_312716.html


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