To The Pointwith Boris Bozic
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Article written by Boris Bozic on the 19 Feb 2013 in Mortgage

Any Plans For March Break?

This is the time of year when Canadian families look to escape the winter blues by heading to warmer climates.  Arizona and Florida are popular destinations, especially for snow birds. The state of Florida provides a lot of things for families to do.  There’s Disney, Bush Gardens, the Cape, and going to open houses.  What, you don’t think dragging your kids to open houses when you’re on vacation is normal?  Hmm, must just be our family.  We’re dragged our 11 year old to so many open houses over the years that he actually now provides feedback on the home we’ve just looked at.  Kid you not the last time we were in Florida we took him to an open house, and on the way home I asked him what he thought of the house?  His answer?  “I really liked the footprint”; nearly brought a tear to my eye.

For past six months I’ve suggested that if you’re thinking of buying a second home in the Sunbelt you may want to do so sooner rather than later.  Many Canadian’s are doing just that because there’s deals to be had however there’s no doubt that Florida market is showing signs of recovery, which means the insanely good deals will be a thing of the past.  In the last six months I know of two families who have purchased properties in Florida.  One family purchased a condo, a foreclosure, and another family purchased a single family detached home, a short-sale.  In both cases the price they paid would make you shake your head.  In both cases the two families could have purchased their homes on their credit cards, and still have room on their limit.  Through sheer luck or astute analysis they purchased their home at the bottom of the market.  According to the Florida Real Estate Association, one third of all home being purchased by foreign nationals in Florida are Canadians.  The net result of all this activity? The average home price increased by 17.8% in 2012, and the time on the market has dropped to 63 days from 78.  Credit is still fairly tight for American buyers so foreign nationals purchasing a home in Florida are making a significant contribution to the Florida real estate market.  It’s estimated that 90% of Canadians buying homes in Florida are doing so with cash.  No need for mortgages, dollar parity makes it a little more affordable for Canadians.

So if you’re heading down South for the March break you may want to set aside a day to have look at some real estate.  After two or three days at Disney the little darlings owe you.  But if you have to bribe them you can tell them you’re going to visit some friends, and if they’re not at home it’s okay if they jump on all the beds. 

Until next time,



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