Attracted by the promise of bargain prices, an influx of Canadian buyers are driving real estate sales in the US.
"Without a doubt, Canada is fast becoming the best market for Floridian property … prices are bounding along the bottom in the Orlando area of Florida and there are lots of amazing deals available at the moment," Garrett Kenny, chief executive of CB Feltrim.
He noted that prices are exceptionally good in the US at present and he believes there has never been a better time to buy, with some properties now on the market for less than 50 per cent of what they cost five years ago.
According to the Bank of Montreal, one in five Canadians would currently consider buying US property for an investment
as well as for personal use.
Mr Kenny added that it is not surprising that investors are increasing their exposure to the market, with the Canadian dollar strong at the moment and the banking system much healthier.
- Monday 20 June 2011