Weak Canadian dollar turning our friends from the north into sellers
For every U.S. dollar a Canadian citizen collects on the sale of their Florida second home, they can exchange it for about $1.20 in their native currency. The current exchange rate is becoming a primary factor in the decision of Canadian citizens in whether to buy or sell in the U.S.
Advantageous exchange rates and fast-rising prices are driving Canadians, Florida's prime international buyers, to unload properties they picked up during the depressed housing market.
Simon Plumb, who heads U.S. operations for the Currencies Direct exchange, said he has seen a "big shift" in Canadian vacation-home owners starting to sell. "The Canadians didn't suffer anywhere near as much … and they were able to pick up Florida property very cheap," said Plumb, who is based in Orlando. "What we're seeing now is that the same people who were buying three or four years ago are selling now. It's a very good time to be a seller of U.S. property, if you're in Canada."
In addition to currency rates working to their advantage, they can now benefit from the price increases of recent years. The median price of a single-family house in our area increased 40 percent during a four-year period that ended in 2014, according to Florida Association of Realtors