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Canadian Buyers in Fort Lauderdale
Canadian Buyers in Fort Lauderdale

 
Thursday, August 16, 2012
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Canadians have been buying Fort Lauderdale real estate in droves recently. From Pied-A-Terres to luxury waterfront homes, Fort Lauderdale has become a second home to many Canadians looking to take advantage of the amazing weather and deals on the market. In July of 2012, the Canadian Finance Ministry tightened rules over first time home buyers obtaining government backed mortgages, for the fourth time since 2008. They reduced the time in mortgages from 30 years to 25 years, in an effort to slow down real estate growth. For this reason, many Canadian home buyers are looking to purchase in the United States, where mortgage rates are at record lows.
 In some instances, investors are buying properties sight unseen and recouping their investment in under 2 years.  According to Zillow, for those planning to live in a home for more than 3 years, owning is less expensive than renting in the Miami-Fort Lauderdale market, with homeowners breaking even within 1.6 years.  With the inventory in Fort Lauderdale at a limited supply, the median price of homes is increasing, and the interest from foreign investors, such as Canadians, has not decreased. The most recent change to the financing rules in Canada will create even more demand for homes with favorable financing in the United States.  Since 2011, Canadian’s have been investing in residential real estate in Florida, and especially in Fort Lauderdale. For more information on investment opportunities in Fort Lauderdale, or for the best luxury waterfront properties, please contact me today.
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