Great piece. I loved your deep dive into the stats. Thank you. I can tell you that South Florida condo developers and real estate professionals are worried. Canadians accounted for eight percent of the $3.1 billion in foreign investment in residential real estate in South Florida (Miami-Dade, Broward and Palm Beach) in 2024, according to a Miami Association of Realtors - Florida Realtors report published in February. Canadians prefer condos (69 percent) and spend an average of about $600,000 per property, according to the study. The South Florida condo market is struggling due to skyrocketing maintenance costs, special assessments and insurance rates following legislation related to the Surfside condo collapse. If our market - which currently has about 12 months of supply - loses the Canadians, South Florida will feel it bigly. Ironically, the largest foreign buyer contingent of residential real estate in Palm Beach County - where Mar-O-Lago is located - is Canadians, accounting for 25 percent, according to the study.
Analysis is informative. Fla has always been main destination for the 6 🇨🇦eastern provinces. The 4 western to AZ. Much of recent selling though seems to be driven by
Also wanted to mention that your map(s) often don't show Hawaii - where luxury (i.e. expensive) properties abound - in this instance; Canada has recently unseated Japan for a number of years as the number one foreign Buyer of properties and the number one foreign visitor - so in this case both housing and tourism are being effected by the US Canada brouhaha. Additionally Alaska Airlines acquired Hawaiian Airlines in September and many of Alaskan Airlines passengers were Canadian as well - another negative ripple.
I sold my duplex in Florida a few years ago as I could see issues going in the future with insurance and etc. etc Tripled my money and got out. In FLA It has always been a timers market and will continue to be that way. Where I live in CA we have zero Canadian money its almost all from China and cash. Its only in very specific areas or CA btw.
Don't see Hawaii in your viz. Did you include it in your analysis? Canadians own many of the vacation condos out here and policymakers are wondering if they'll sell.
Great piece. I loved your deep dive into the stats. Thank you. I can tell you that South Florida condo developers and real estate professionals are worried. Canadians accounted for eight percent of the $3.1 billion in foreign investment in residential real estate in South Florida (Miami-Dade, Broward and Palm Beach) in 2024, according to a Miami Association of Realtors - Florida Realtors report published in February. Canadians prefer condos (69 percent) and spend an average of about $600,000 per property, according to the study. The South Florida condo market is struggling due to skyrocketing maintenance costs, special assessments and insurance rates following legislation related to the Surfside condo collapse. If our market - which currently has about 12 months of supply - loses the Canadians, South Florida will feel it bigly. Ironically, the largest foreign buyer contingent of residential real estate in Palm Beach County - where Mar-O-Lago is located - is Canadians, accounting for 25 percent, according to the study.
Analysis is informative. Fla has always been main destination for the 6 🇨🇦eastern provinces. The 4 western to AZ. Much of recent selling though seems to be driven by
Aloha~
Also wanted to mention that your map(s) often don't show Hawaii - where luxury (i.e. expensive) properties abound - in this instance; Canada has recently unseated Japan for a number of years as the number one foreign Buyer of properties and the number one foreign visitor - so in this case both housing and tourism are being effected by the US Canada brouhaha. Additionally Alaska Airlines acquired Hawaiian Airlines in September and many of Alaskan Airlines passengers were Canadian as well - another negative ripple.
I sold my duplex in Florida a few years ago as I could see issues going in the future with insurance and etc. etc Tripled my money and got out. In FLA It has always been a timers market and will continue to be that way. Where I live in CA we have zero Canadian money its almost all from China and cash. Its only in very specific areas or CA btw.
Don't see Hawaii in your viz. Did you include it in your analysis? Canadians own many of the vacation condos out here and policymakers are wondering if they'll sell.
Seems like a good possibility.