The dollar hit parity in Canada with the US. For Canadians wanted to invest in hot weather properties-this is a great time to take the initiative.
Realtors in the southern states of Florida, South Carolina, North Carolina Georgia, and further west in Arizona and California should see increased buying activity.
Another factor contributing to the loonie's climb: rising interest rates. The Bank of Canada is positioned to be raising interest rates before the Federal Reserve.
"We see the Bank of Canada raising interest rates in July and in September while the Fed, facing a much wider gap in U.S. unemployment, could be quite a bit more patient," said Avery Shenfeld, chief economist at CIBC World Markets in Toronto.
Although the "season" is nearing it's end, many people will make special trips to the US to find properties.
Many Canadians, spooked by the volatility of the stock market, are looking to invest their money into property, according to Wayne Levy, with Toronto-based real estate firm Florida Home Finders of Canada. Levy attributes Florida's appeal to its proximity to Eastern Canada, easy access to the ocean from anywhere in the state, low maintenance fees and inexpensive taxes. Also at play: the nostalgia factor.
"So many of our clients have been there as kids," said Levy. "They went to Disneyland with their parents, or spent the odd Christmas with their grandparents down there. You're going for the temperature, but you are also rekindling some of your childhood memories."
Most Canadian buyers, about 22,000, used cash for their U.S. property purchase in 2009.
I have been in touch with some of the realtors in Florida through Activerain and they have been enjoying a winter of greatly increased activity. I wish them continued success.
(Exerts from Wall Street journal)
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I proudly server buyers and sellers in the Greater Toronto neighbourhoods of: Forest Hill, Cedarvale, North York, North Toronto, Summit Heights, Wilson Height, Bathurst Manor, Leaside, Bayview, Thornhill, Richmond Hill and all surrounding areas.
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