Thinking of being a Miami snowbird? Think again!
by Jamie Henry | Mortgage Broker News | April 15, 2015
Canadians are finding the combination of a weaker loonie and increasing prices are making the popular snowbird market of Miami unaffordable.
Chris Zoller, residential president of the Miami Association of Realtors says that rapid price increases have shifted the percentage of international buyers who are from Canada down to single figures; just 7 per cent. Don’t feel that your dream of a home in Florida has been shattered though as Zoller told the Financial Post that further north, in Orlando, there are still some great bargains and now might be the best time to start looking.
Michael Dolega from TD Bank says that there is more demand for vacation property in the winter months so buying in the summer can often save thousands of dollars.