Homes in Florida flying off the shelves
Cash rich Canadian property investors are big spenders across the Orlando real estate scene where huge discounts are evident as the USA real estate markets continue to fight back on the road to recovery.
Buying property in Florida at today’s prices is saving investors up to 50 per cent of the original sale prices five years ago and with the rental possibilities available in the sunshine state more and more canny Canadians are crossing the border and cashing in on the strength of the Canadian dollar.
According to a survey from the Bank of Montreal twenty per cent of those questioned would be happy to buy USA real estate for both holiday accommodation but also as a future investment. The banking industry in Canada managed to avoid the massive financial meltdown seen across the USA and as such its citizens have greater access to home loan funds.
US banks are being urged to loosen lending restrictions so that local property markets can begin to recover.