According to a report from BMO, Canadian snowbirds help real estate recovery in Florida

According to a report by BMO Financial Group, the real estate market in Florida is recovering and Canadian retirees who spend the winter in the south (the " snowbirds ") are for many.

The report highlighted the following facts:

According to the most recent figures from S & P Case -Shiller , the price of a single family home located in South Florida jumped 12 per cent to the lowest point in April 2011.
The demand for real estate in Florida is growing among foreign buyers , especially Canadians , who have helped foster the rise in prices .
Canada is the largest source of foreign tourists as well as foreign buyers of property in Florida , in 2010 , Canadians found 36 percent of all real estate purchases by foreigners.
More than 500,000 Canadians currently own a property in Florida .
" Beyond the undeniable attraction of the beautiful weather and beautiful beaches , two other factors are property of Florida a particularly attractive value for Canadians ," says Jack Ablin , Chief Investment Officer , BMO Harris Private Banking. "The first is that the Floridian properties represent a bargain compared to Canadian real estate. The median price of properties in Florida is about two times lower than that of Canadian homes . Second, the Canadian dollar is trading at about 10 percent above its fair value against the U.S. dollar , which gives a higher purchasing power to snowbirds buyers . "

Canadians where they buy in Florida?

The report also identified the key areas where Canadians have properties in Florida:

Sarasota -Bradenton -Venice (17 percent ) ;
Orlando- Kissimmee ( 13 percent) ;
Miami -Ft. Lauderdale- Palm Beach ( 13 percent) ;
Cape Coral -Ft. Myers ( 9 percent) ;
Tampa -St. Petersburg ( 9 percent) ;
Naples -Marco Island ( 9 percent) ;
Other ( 30 percent) * .
A BMO survey conducted in 2012 revealed that 16 per cent of Canadians said they would consider buying a house south of the border. Furthermore :

among those who planned to buy a property in the United States in 2012 , 56 per cent would have to capture a secondary or vacation property ;
44 percent of respondents cited affordability as a reason for buying a property in the United States ;
third of respondents considered buying a property in the United States as a long-term investment (29 percent).
Laura Parsons, Specialist - Mortgages BMO advise anyone considering buying property in the United States to finance its purchase from a financial institution in the U.S. - preferably a Canadian bank with branches south of the border . " Knowing the local level is an approach that has been proven and is particularly relevant in the real estate sector, as conditions and trends can vary greatly from one place to another."

Ms. Parsons says that BMO customers can inquire at any branch of BMO Harris Bank , which is based in the U.S. states of Illinois , Indiana , Arizona , Florida and Wisconsin. "We must consider several factors before making such a decision and having a Canadian partner can help you better understand the differences between Canadian and U.S. programs funding, which , ultimately , can you avoid loss of time and many headaches , "says Parsons.