By: Ismael Rodriguez
For more than half a decade, French-Canadian tourists and investors have scattered exponentially across South Florida, blending in culturally and linguistically, while buying actively despite the fluctuating currencies and trending market shifts in the real estate market.
“More than a million Canadians over 55 years old have adopted the ‘snowbird’ lifestyle,” Stephanie Hirschenson, a real estate associate at Macken Realty, wrote in the Miami-Herald. “At the same time, there are expected to be well over 4 million Canadian tourists—snowbird and non-snowbird alike—this year in Florida, including about 1.2 million Quebecois.”
These Canadians are also among the most active investors searching for real estate in Miami, ranking fifth in web searches in November 2016, after topping the list in October and snatching a second-place finish in September, according to a 2016 Profile of International Home Buyers of Miami Association of Realtors Members.
The report also registered that Canadians held 6 percent of all international sales last year. Not to mention, among all international buyers, Canadians spent the most cash on South Florida real estate with 81 percent of them paying all-cash.
Yet, over the past year, market professionals have noted fewer Canadians in Florida than in previous years.
Daniel Veilleux, president of DesJardins Bank in Hallandale Beach, used the number of bank transactions by Canadians to indicate their current population in Florida.
“At the bank branch level for the last three months of the year, we see a decrease of about 6 percent compared to the same period last year,” Veilleux told the press. “On the other hand, statistics showing the level of financing and the demand for the last three years is maintained from year to year.”
He added, “I am therefore not too concerned about our performance, despite the increase in exchange rates over the last two years.”
This is proof that despite the strength of the dollar and current immigration situation, Canadians will continue flocking unabated to South Florida for years to come.