JTHS Council of the MIAMI Association of REALTORS - Jupiter, Tequesta, Hope Sound

     

                

Canadian Buyers a Top Market for South Florida Real Estate

by | Mar 09, 2016

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Canadian consumers buy the fourth-most South Florida real estate among all foreign countries. The North American nation registered 7 percent of all South Florida international sales last year, according to the 2015 Profile of International Home Buyers in MIAMI Association of REALTORS® Business Areas. The National Association of REALTORS® (NAR) conducts the annual profile for MIAMI.

Miami's tropical climate, resort lifestyle, global business center, and world-class shopping are some reasons why Canadians are buying properties and relocating their families here.

South Florida's top international buyers in 2015:

Country Percentage of South Florida foreign sales
1. Venezuela 13%
2. Brazil 12%
3. Argentina 10%
Colombia 10%
4. Canada 7%
5. Mexico 5%
6. France 4%
Italy 4%

Canadians Finished as Highest Foreign Buyer in Broward
Canadians purchased considerably more property in Broward County than Miami-Dade in 2015. Canada tied with Venezuela as the most significant foreign buyer in Broward, registering 16 percent of all foreign sales. Colombia (12 percent) and Argentina (9 percent) finished second and third, respectively.

Canadians purchased 3 percent of all foreign sales in Miami-Dade County. Venezuela (26 percent), Brazil (13 percent) and Argentina (12 percent) were the top-three buying countries in Miami-Dade in 2015.

Canadians paid on average $510,000 for South Florida properties, which is significantly higher than the $258,000 average among all buyers in Florida.

Country Avg. Purchase Price for
South Florida Real Estate
1. Brazil $766,000
2. Colombia $516,000
Argentina $516,000
3. Canada $510,000
4. Venezuela $488,000

Canadians Topped All International Countries in All-Cash Sales in South Florida
Among all international buyers, Canadians spend the most on South Florida real estate. About 86 percent of Canadian buyers paid all-cash for South Florida real estate in 2015. Argentina (80 percent), Brazil (75 percent) and Venezuela (74 percent) trailed Canada in cash sales. About 75 percent of South Florida international buyers paid all-cash, according to the 2015 Profile.

Canadians purchased properties in the central city/urban, suburban and resort areas almost equally. About 30 percent of Canadians bought in the central city, 33 percent in suburban and 30 percent in rural areas. As far as the type of property, about 57 percent of Canadians bought condos versus 24 percent who purchased single-family homes.

Vacation Homes are a Big Draw for Canadians
Most Canadian buyers intend to use their South Florida properties for vacation reasons. About 46 percent of South Florida Canadian buyers said they desired a vacation home. About 18 percent wanted a residential rental, 15 percent were looking for a primary residence/retirement, 19 percent wanted both a vacation and rental and 2 percent listed unknown reasons.

Most Canadians intend to use their South Florida properties for up to six months each year. About 76 percent of Canadians planned to use the property for up to six months. About 11 percent listed an unknown time period.

Palm Beach: a Top Location for Canadian Home Buyers
In addition to Broward and Miami-Dade, Canadian consumers purchase significant property in Palm Beach County. Canada is in fact the largest foreign demographic purchasing real estate in Palm Beach County. About 32 percent of Canadian foreign buyers purchased property in Palm Beach in 2015. Brazil (28 percent) came in second among all foreign countries.

All-Year Sunny Weather
South Florida's tropical climate is one of the top draws for Canadians. With an average temperature of 75 Fahrenheit, Miami is the only major "subtropical" city in the continental U.S. In comparison, the average annual temperature in Canada's capital of Ottawa is 51.62 Fahrenheit, according to Environment Canada data.

February weather shows an even greater disparity between Miami and Canada's capital city. On March 2, 2016, Miami registered a high of 81 degrees Fahrenheit. Ottawa, meanwhile, posted a high of 16 degrees Fahrenheit on the same day.

The disparity in weather is one reason why many retired Canadians purchase second homes in South Florida. Before the winter arrives in Canada, these "snowbirds" relocate to their Miami and Fort Lauderdale homes and live up to six months here. More than a million Canadians over 55 years old have adopted the "snowbird" lifestyle, spending the winter months in Florida.

Outdoor Activities
South Florida's all-year warm weather and miles of coastline allows for a bevy of outdoor and boating activities. Greater Miami has 84 miles of Atlantic Ocean coastline & 67 square miles of inland waterways & more than 15 miles of world-famous beaches. Miami is a leading global city with many resort qualities. Look no further than its cruise industry. Nicknamed the "Cruise Capital of the World," South Florida cruise lines serve more than 4 million passengers a year.

Fort Lauderdale in Broward County enjoys a reputation as one of the globe's preeminent international yachting centers. The city's network of canals makes it a boat lover's dream. The draw is just one reason why Canadians lead all foreign buyers in Broward County.

World-Class Amenities
With world-class amenities like the Pérez Art Museum Miami and the Adrienne Arsht Center for the Performing Arts in downtown Miami and four major professional sports teams, South Florida offers international and domestic buyers a bevy of culture, arts, and entertainment. Basketball's Miami Heat, baseball's Miami Marlins and football's Miami Dolphins have each won championships.

South Florida' professional hockey team, the NHL's Florida Panthers, play their home games in Broward County. This is a big lure for residents from Canada as hockey is the national sport there. Broward is also home to the Broward Center for the Performing Arts.

Direct Flights
Miami International Airport (MIA) offers more than 215 non-stop flights to 147 cities, including 95 international destinations. Fort Lauderdale-Hollywood International Airport (FLL) offers non-stop flights to more than 100 cities, including 50 foreign stops.

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