Toronto Investors Buying Florida Real Estate
By Brian Brady, 858-699-4590
(Matthews Capital Markets)
Canadians are buying American real estate in droves.The rapid descent of the dollar against the loonie (Canadian dollar), combined with the drop in American real estate prices is bringing more and more Canadian investors across our northern border in search of investment riches. From the Globe and Mail: You may want to make that U.S. vacation a regular thing. While Canadian housing prices are inexhaustibly buoyant, the U.S. market is falling hard. The average resale price tumbled 10 per cent across the country in September, and in balmy Phoenix, third-quarter sales of single-family homes were off 23 per cent. A recent report in the Arizona Republic newspaper said one-third of homes on sale in the Phoenix area are sitting empty, many of them owned by investors who need to sell because th...
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