Each year, as winter takes hold, around one million Canadian snowbirds head south, with many – particularly those on the East Coast – their favourite destination is Florida.
Even though the Canadian dollar has lost out against the US dollar over the last year, Central Florida property is still great value and Canadian investors who buy can offset the cost of spending the winter months in the Orlando sunshine against income raised from renting out their home.
As Jack Ablin, Chief Investment Officer, BMO Harris Private Bank, said in late 2014, “Florida properties are a bargain compared to real estate in Canada. The median priced home in Florida is nearly half that in Canada.”
Those that travel by car will also find they can save a little money on gas prices. In some areas, prices have fallen below $2.00 a gallon, whereas, two years ago they were nearer $3.50.
But for most snowbirds the annual trip down south is more of a lifestyle choice than solely a financial one and they know the currency exchange market often runs in cycles.
Leading developer and agent, Feltrim Group, which has a choice of popular real estate projects in Central Florida, sees many Canadian purchasers who use their home in the winter and for the odd vacation during the year and then rent it out the rest of the time.
Feltrim Chief Executive Officer, Garrett Kenny, says, “By renting out vacation homes when they are not being used by the owner, snowbirds can gain vital income, which offset the cost of coming down to Central Florida to escape the freezing northern winter.
“Using Feltrim Group’s in-house property management service gives snowbirds peace of mind knowing that every part of the rental process is taken care of and their rental income is maximised.”
Balmoral at Waters Edge, Feltrim’s new luxury lakeside development, provides an upscale, elegant and distinctive lifestyle for property owners thanks to its beautiful garden-themed community and Tuscan-style architect-designed homes.
The development features luxury three to five-bedroomed houses within a 113-acre private gated community, with man-made lakes and impeccably landscaped gardens and parks, which are perfect for rental homes.
Balmoral at Waters Edge also features top-class leisure facilities, including a resort-style pool with luxury clubhouse, mini waterpark, lakeside beach, gym and spa, gourmet kitchen, restaurant and more.