When the Canadian dollar (loonie) was strong, Canadians had a strong interest in Florida property but with the loonie nearing a 13-year low many of these Canadians are now moving back North. Bloomberg staffers Allison McNeely and Bill Faries report on the economic troubles hitting some of these Florida snowbirds.
Not-so-wealthy Canadians began to enter the Florida real-estate market during 2008 when a condo could be purchased for just $100,000. Property rates have since recovered while the Canadian dollar has decreased in that time:
Canadians are getting priced out of the market because their currency is 30 percent less than what it was five years ago and the average property is up about 25 percent, Jonathan Spears, a real estate agent at Scenic Sotheby’s International Reality in Destin, Florida, said by phone.