Top reasons why Canadians are buying in the United States:
A lot more house for less money!
With record prices in Toronto, Vancouver, and other major cities across Canada, US real estate seems relatively affordable. As of the date of this article, $1M Cad will buy a modest townhouse on a 20' lot in Newmarket, Ontario where temperatures plummeted to - 30C a few days ago. $1 million Cad or roughly $750K USD will buy a large 6-bedroom 4700 sqft detached house in Houston, Texas or a 4-bedroom house with a private backyard pool in Flagler Beach, Florida where it is currently 22C.
Enjoying Winters in the Sunbelt!
Ask any Canadian what they dislike most about Canada and they will name taxes and winters. According to statcan.gc, as many as 350, 000 Canadians live out the winters in states like Arizona where the sun shines 310 days a year. Another report by Forbes magazine puts the number of Canadians visiting the US in 2022 at 6 Million.
Lower taxes and retirement benefits!
Canadians pay some of the highest taxes in the world; income tax, property tax, land transfer tax, sales tax, and inheritance tax... enough said. States like Florida have done their best to lure retirees by getting rid of state income tax and introducing no taxation on pension income or inheritance. However, Foreign Investment in Real Property Tax Act, or FIRPTA might apply to Canadian investors. Please ask us for more details.
There are many more reasons for the rise of Canadians investing south of the border. Together we can explore everything you need to know about buying in the US - from understanding US property rights and taxes to navigating financing options and more. Contact us for all the expert advice you need before taking on this major investment!
Business Announcement: York National Realty Inc., Brokerage is excited to announce our partnership with Sara Evans from EXP Realty in south Florida. We will soon have an associate in southern California to guide you in the area. Whether you're looking for a vacation home, investment property or just a place to retire, our team can help find the perfect spot for you. For more information, please visit our website or give us a call today. We look forward to helping you reach your real estate goals