In Florida, 2013 is shaping up to be the ‘Year of the Canadians’ according to many of the state’s real estate professionals and industry experts.
On the tourism front, 3.6 million Canadians visited Florida in 2011, spending approximately $4 billion. The total number of Canadian tourists more than doubles Florida’s second-largest source of tourists: Brazil.
Once Canadians get a taste of Florida, they’re increasingly putting up more permanent roots. Canadian buyers represented 31 percent of Florida’s international real estate purchases in 2011, according to the National Association of Realtor’s August 2012 report, “Profile of International Home Buyers in Florida.”
The next four closest countries are: Brazil (9 percent); United Kingdom (5 percent); Venezuela (7 percent) and Argentina (5 percent).
Almost half of the Florida home purchases in 2011 by Canadians were condos or apartments (48 percent) and about 90 percent were cash deals. Conservative by nature, more than half of the properties purchased by Canadians were priced below $199,999 (65.4 percent).
Canada’s top three destinations for property include the Bradenton-Sarasota-Venice area on Florida’s west coast with 14.4 percent of all purchases in 2011. Fort Lauderdale was second with 12.9 percent and Naples-Marco Island was third at 11.9 percent.