Central Florida has a strong history with Canadian real estate buyers. In fact, 25% of all international property transactions originate in Canada. Recently, though, news has focused not on Canada’s buying power, but on their selling expertise. It seems Canada’s currency has lost ground when compared to the United States dollar, and the currency exchange has many Canadians selling to their Florida residences for a tidy profit. Orlando title insurance company, Real Estate Closing Solutions, explains.

  • Ten percent of real estate sales in Florida are by international buyers. As noted previously, 25% of those buyers are from Canada. International sales accounted for $7.97 billion in revenues for the Sunshine State.
  • The exchange rate in Canada is $1.00 in U.S. currency exchanged for $1.20 in Canadian dollars. This gives Canadian sellers the advantage of lowering their asking price to stay competitive and selling their property more quickly.
  • The current exchange rate is compelling not just homeowners, but many Canadian property investors to sell their Florida holdings. Simon Plumb, head of U.S. operations for the Currencies Direct Exchange, notes, “It’s a very good time to a seller of U.S. property, if you’re in Canada.”
  • Currency rates are not the only factor strengthening international sales: in a four-year period, property values have escalated 40% in many markets, according to Florida Realtors.
  • Property maintenance also compels many Canadians to sell. On average, a Florida home costs $10,000 a year to maintain when insurance, appliance maintenance, utilities, and property management fees are figured into the equation. While many of these costs are balanced when owners choose to rent their homes for vacationing families, the opportunity for short-term rentals often diminishes after Spring Break.
  • Canadians who purchased property when real estate prices bottomed out may very likely be able to double their money by selling with the current currency exchange rate.

Knowing when and how to sell your home can mean the difference between a profit of $10,000 and $100,000. Contact the Orlando title insurance experts at RECSFL to speak with one of our knowledgeable closers. Our phone number is (407) 615-8550, or you can contact us online.