The Canadian Dollar has strengthened recently against the US Dollar and that is a good thing for Canadian buyers and home sellers in South Florida.
South Florida is a favorite spot for Canadian to vacation and purchase winter homes. A stronger Canadian Dollar gives Canadians more buying power. Their buying power has increased about 10% in just a few short months. The US Dollar(USD) was equal to $138 Canadian Dollars (CAD) on May 1st 2017. Today the USD is equal to $127 CAD.
Here is an example of how that effects a Canadian home buyer purchasing a Florida home for $250,000.
On May 1st they would have needed $345,000 CAD ($250,000 x 1.38)
Today they only need $317,000 CAD ($250,000 x 1.27) A savings of $28,000 CAD
Other currencies such as the Euro, and Brazilian Real have also seen strengthening against the US Dollar. This will make foreign real estate investment more attractive as long as it continues. Interest rates and oil prices are two major influences on the strength of the US Dollar against the Canadian and other foreign currencies.
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