The Returning of Canadian Investors in South Florida Real Estate with Expanded Budgets
Canadian buyers are making a comeback in South Florida, bringing with them larger budgets for real estate investments. Traditionally, South Florida has attracted wealthy individuals from Latin America, but now Canadians, especially from Montreal and Toronto, represent a significant buyer pool with increased spending power.
According to data from the Miami Association of Realtors, Canadians accounted for 6 percent of foreign residential buyers in South Florida in 2023, spending a median of $437,700 on home purchases. Real estate professionals are noticing this trend, with Canadians exploring various properties, upgrading their price points, and agents adjusting their marketing strategies to cater to this renewed demand.
Real estate developers like Regency Development Group and Ian Bruce Eichner’s La Baia North project in Bay Harbor Islands are witnessing a surge in presales to Canadian buyers, with prices reaching up to $4 million. Phil Gutman, a prominent figure in real estate sales, observes a shift in Canadian buyer behavior, noting an increased willingness to explore higher price ranges. Compass agent Chad Carroll reports Canadians expressing interest with budgets ranging from $5 million to $15 million, showcasing a substantial departure from pre-pandemic spending patterns.
This upward trend in budget allocations underscores the strong return of Canadian buyers to South Florida’s real estate market. Responding to this trend, real estate professionals are adapting marketing strategies, with increased advertising spending in Canada and a focus on networking with Canadian brokers.
According to Jeff Polashuk, regional vice president of Compass in Florida, this marks just the beginning of a wave of Canadian buyers impacting the South Florida market. Dustin Graham, a Canadian broker, agrees, anticipating a continued influx of Canadians purchasing properties in the region in the coming years.
The current sentiment not only points to a significant year for Canadian real estate purchases, but also signals the general return of international buyers to South Florida, attracted by the region’s strong market and pleasant climate.
Source: The Real Deal
