The depressed value of Canadian currency against the U.S. dollar is not only discouraging some Canadians from buying Florida homes but also encouraging others to sell.
“Canadians see this time as an opportunity to sell,” said Canadian real estate agent Laura Leyser, speaking publicly at a meeting of real estate brokers and agents in Estero.
Bonita Springs real estate agent Michael Burke told the Naples Daily News that he targets Canadian owners of U.S. property purchased in early 2008, 2011 and 2013, when “the Canadian dollar was dancing around par or below the U.S. dollar.”
At the current exchange rate, the Canadian dollar, or loonie, is worth approximately 73 cents, and conversely, a loonie is worth between $1.30 and $1.40.
“It’s just a good time for them to sell and net more with the exchange rate, Burke said.
If large numbers of Canadians start selling U.S. homes, the impact could hit hard in Southwest Florida.