Canadians weigh up big profits on snowbird homes

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At the height of the financial crisis as the US housing market crashed badly many Canadians were able to pick up some bargain properties south of the border. Now with the US housing market recovering and the Canadian dollar weaker it could be the time to weigh up the benefits of having a snowbird home against the potentially bigger benefits of selling. Florida, Arizona, California and Texas are among the most popular locations for Canadians and also among the places where prices have increased. In Phoenix, Arizona Canadian-born real estate agent Diane Olson has noticed more of her fellow countrymen considering selling up. She told The Globe and Mail: “Some of my clients have doubled the price [they paid for the property]. They also obtained their money at or close to par when they first bought, so they basically have a 15-per-cent-plus foreign exchange gain.” However there are also those who believe that economic conditions are only going to improve and that it may be a while yet before they can sell at the top of the market. Read the full story.

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