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Canadian Buyers Show Increased Activity in South Florida Residential Real Estate

February 19, 2018

According to the National Realtors Association of Realtors, Canadians made up 9 percent of foreign buyers of South Florida residential properties last year. That number is up from 6 percent in purchased in 2016. Canadians also bought $19 billion of residential property in the United States last year, more than double their $8.9 million of purchases in 2016.

Canadians’ interest in South Florida real estate has increased, and that increase can be attributed to an especially cold winter season. Record-breaking cold weather has rocked Canada in December and January. During a six-day cold streak in Montreal, temperatures did not exceed -17 degrees Celsius.

In addition to the cold weather, interest in the South Florida residential real estate market has increased because of the sustained strength of Canada’s housing market. This has encouraged many Canadians to sell their primary residences.

The Four Seasons Private Residences condominium development in Fort Lauderdale got 221 inquiries from Canadians in the six months that ended in January, far more than in the preceding six-month period.

According to Rob Siemens, director of marketing for the Siemens Group, Canadians own about 15 percent of the 3,400 condo units at the Boca West Country Club in Boca Raton. He also expects that population to grow as Canadians buy into Ayoka Boca West, a 139-unit condo that Siemens Group is developing on the grounds of the country club property.

Approximately 34 percent of inquiries about 2000 Ocean, a 64-unit condo development in Hallandale Beach, have come from potential Canadian buyers, compared to 24 percent from U.S. residents, said Shahab Karmely, founder of KAR Properties, the developer of the oceanfront boutique condo, which is now under construction.

Source: The Real Deal

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