Canadians are cashing in on the Miami condo market

Indians, Scandinavians and now Canadians are benefitting from the recovering Miami condo market, the Canadian Real Estate Magazine reported. As The Real Deal previously reported, Canadians were the largest foreign buyer percentage-wise in Florida in 2011, and they are often paying cash – 65 percent of sales in Miami last quarter were all cash, double the national figure of 32 percent. Now, many of those investments are paying off, with statistics from the National Association of Realtors showing forward momentum in the Miami market. The median condo sales prices was up 46 percent in March, year-over-year. “The fact that Miami home prices have significantly increased for four consecutive months indicates prices have bottomed and have caught up with sales levels,” said Martha Pomares, chairwoman of the board of Miami Association of Realtors. [Canadian Real Estate Magazine]