Bargain prices in the Orlando area of Florida are attracting Canadian buyers, causing a property sale surge in U.S. Real Estate.
U.S. Real Estate prices are exceptional right now and it’s definitely the time to buy! Properties are as much as 50% off their peak cost from 5 years ago. With the strength of the Canadian dollar and the country’s general economy, plus the fact that the Canadian banking system is much healthier, since it avoided the sub prime mortgages which devastated the US banking system, Canadian buyers have great power for property investment.
According to the Bank of Montreal, one in five Canadians are considering buying U.S. real estate properties for investment or personal use.
Florida is one of the top family visitor destination, with 50 million visitors in central Florida in 2010. Rental incomes are making properties attractive.
U.S. real estate investments in Florida are so popular that it seems inventory of available houses to buy is shrinking in Orlando!
Currently, there are 2937 single family houses for sale and 635 condominiums. This year so far, 3516 single family homes have sold and 715 of those were in the past 30 days. The condominium market is also being snapped up very quickly! If the inventory keeps dropping this way, we may see a bigger increase in prices.