Canadians have been flocking to Florida in the past few months. While always popular in the winter months, Florida has become particularly attractive this year due to reasons other than the weather. Due to four years of a suffering real estate market, prices are now attractive to those seeking their place in the sun for investment or a holiday home. The National Association of Realtors reported that Canadians account for 26% of all international home sales. ). In addition, Canadian travel to Florida increased over 10% in the last quarter of 2009 compared to the same time frame in 2008. It is evident in the number of Ontario license plates on vehicles across Florida highways.
So what’s the main driving factor? The Canadian dollar is now almost one-to-one with the US dollar. The Loonie ended 2009 as one of the best performing currencies and pushed the Dollar as low as 1.02. Oil prices crept above $80 per barrel, helping to consolidate its gains. Unlike the market in the US, Canada continued to grow and its real estate market is still flourishing. Due to their strong financial market, Canadians still have money to spend. While the strength of the currency helps them buy more for their money, most buyers don’t investigate getting the best currency exchange rate.
Transferring currency can be a hassle with the ever fluctuating rates. It is important that buyers explore options to give them the best rate possible for it could substantially increase the amount they can use to purchase or save.
As certified international property specialists, the Your Global Agents team has partnered with Moneycorp, Inc. (based in Orlando) which is the UK’s largest non-bank provider of foreign exchange services.
Moneycorp provides a foreign exchange and transfer service for clients needing to exchange their local currency into Dollars. The main benefit of using Moneycorp is that they can save clients money by offering the most competitive exchange rates in addition to protecting against exchange rate fluctuations. Using Moneycorp is very simple. Clients will open a Trading Facility, which takes a couple of minutes, and then they are introduced to their own currency dealer who will work with clients to get them the best rate at the best time. Moneycorp facilitates same day transfers to Florida which can save a lot of time for buyers with an approaching closing date.
Moneycorp streamlines the process for our buyers, makes wire transfers easy, and helps our clients save money. To learn more and to see how simple the process can be, visit Money Corp.
If you are considering investing in any type of Florida real estate, we welcome you to attend one of our seminars the first week of May in the Toronto area. The Your Global Agents team along with Moneycorp will be hosting seminars in various locations. If you are a Canadian real estate agent, we welcome you to meet us at Realtor Quest booth 1203. For more details or to register for a seminar, please contact me at Carla@CarlaRayman.com.