As of Oct. 2016, Canada surpassed long time leader, Colombia, to become the top international country searching for real estate in South Florida through the Miami Association of Realtors’ search portal, www.Miamire.com, according to MIAMI Association of REALTORS. Colombia had previously led MIAMI’s rankings for 10 consecutive months.
Canadian consumers buy the fourth-most South Florida real estate among all foreign countries. The North American nation accounted for 7 percent of all South Florida international sales last year, behind Venezuela (13 percent), Brazil (12 percent), Argentina and Colombia (10 percent), according to the 2015 Profile of International Home Buyers in MIAMI Association of Realtors Business Areas.
The top-10 countries visiting Miamire.com in Oct. 2016:
10. United Kingdom
Canadians spend big
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.
South Florida’s tropical climate is a top draw for Canadians. With an average temperature of 75 degrees 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 degrees.
The disparity in weather is one reason 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.
“Miami’s tropical weather, resort lifestyle and world-class shopping have long attracted Canadian home buyers,” said Christopher Zoller, the 2017 MIAMI chairman of the board.“With temperatures dropping up north, more Canadian home buyers are purchasing real estate in South Florida.”
He added: “It’s not just Canada. Consumers in states throughout the Northeast are also interested. Our latest data again shows New York as the top U.S. state searching Miami real estate.”
More information on Miami Agent Magazine