Canadians buying Florida Real Estate
Sep 9th, 2008 | By Bea Weiss, Real Estate Consultant, Attorney | Category: Blog, International, Seller AdviceThe number of Canadians buying homes in Florida doubled in only one year, according to a current NAR report.
With the Canadian dollar hovering around par with the U.S. dollar, buying Florida homes seems to be a nice investment for many Canadians (The Canadian dollar was worth only 80 cents three years ago). Also Canadians benefit from a continued strong housing market and increasing home equity.
According to the Canadian Real Estate Association, overall home prices grew 11 percent in 2007 to an average of $307,265, and they are expected to rise an additional 5.3 percent in 2008.
A Canadian bank has also made it easier to secure a mortgage. It set up a program that allows Canadians to buy U.S. property worth up to $2 million with a down payment of less than 25 percent!
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