A recent report suggests that Canadians are actively bargain hunting for and purchasing properties in Florida. The report states that over the 12-month period from mid 2010 to mid 2011, one in four homes purchased in the state were acquired by foreign buyers. Of that group the largest section were Canadians, comprising 10% of buyers and most of the sales were done with cash.
Price was a major factor. The median price in Florida was $151,000 US, much below the median price seen in most Canadian centres. The price of a condo in Florida has fallen by 45% since 2005.
Eager Canadians have zeroed in on several key locations all located in southern Florida, which has been hit particularly hard by the downturn in the US property market. In Naples, Canadian buyers are behind about 30% of the purchases there currently with most focusing their attention toward condos near the beach built in the late 80's and early 90's