January 6, 2017
Canada took the lead from Colombia as the top foreign country searching for property in Miami. In October, Canada registered the most searches for Miami real estate for only the second time since November 2013. It seems our northern neighbors are seeking a refuge from the cold! Brazil, once the top spot, fell to number 5, while India jumped from the 6th spot to number 3.
While Canadians currently search the most for Miami real estate, they are only the 4th-most active in actually buying real estate in Miami. In 2015, 7 percent of all foreign sales in the city came from Canada. However, Canadians paid cash more than any other foreign country, coming in at 86 percent. Argentina, Brazil and Venezuela followed in cash sales.
Nationally, Canadians are the second largest foreign buyer of real estate. They spent 8.9 billion dollars on American real estate in 2016. China took the top spot with 27.3 billion dollars. India rounded out the top 3, with 6.1 billion dollars spent on real estate in the United States.
If you are one of those Canadians looking to escape cold winters and move to South Florida, contact Niki Higgins at +1-954-817-2500 or +1-888-242-4422!
Source: The Real Deal
