Canadian summers for most baby-boomers have become increasingly short in duration. Costs of maintaining these homes continue to grow every year and coupled with the lack of decent weather is causing the summer vacation to loose its luster for many in this age group. Electric, taxes and continuing maintenance costs are some of the reasons many look seriously at cashing in on profits from their primary residence, downsizing, selling current summer homes and investing in a longer winter vacation property in the south.
Florida has always been a popular winter retreat for a lot a Canadians, and this trend is gathering momentum and making sound financial sense. The rental market in Florida continues to increase in demand, and property purchased for winter vacations could easily be rented for the other 6 months of the year. Florida properties are about 1/3 to ˝ the cost of a comparable Canadian home and the continuing increase of short-sales and foreclosure properties available give buyers a large selection to choose from.
Living in Ontario for 45 years, currently a Real Estate Agent for Coldwell Banker Action Realty in Pasco County, and working here in Florida since the early 90's gives me a unique perspective on this trend. I specialize in the West Central Gulf Coast area of Florida in Pasco County where there are a number of gated developments built in the last 15 years including the very upscale neighborhood of Champions Club, Fox Hollow - both golf course properties, Fox Wood, Thousand Oaks, Trinity Oaks and the 55+ active adult community of Heritage Springs.
Don't forget to review the top most frequently asked questions by Canadians buying vacation property in Florida. I have posted all the current properties for sale in the city of Trinity here on my website. When you are ready to take a serious look at a community of your choosing, let me know and I will build a custom search program based on your criteria. This will be sent to your Email with automatic updates on both new and revised listings.
Articles & News Feeds
What are the tax laws for Canadians buying Real Estate in Florida?
How to buy Florida real estate - thestar.com
National Post: Florida real estate tantalizes Canadians
Canadians Buy Deep Discount Florida Homes
Canadians - Shopping For Your Florida Home Mortgage
Avoiding Estate Taxes
Canadians can reduce their exposure to U.S. estate taxes according to Terry Ritchie, a certified financial planner at Transitional Financial Advisors and author of "The Canadian Snowbird in America: Professional Tax and Financial Insights into a Temporary Lifestyle." One of the best ways is by placing a non-recourse mortgage against the property. A non-recourse mortgage gives the mortgage-holder recourse only against the property, itself, not against any other assets of the borrower. There can be additional benefits of using a non-recourse mortgage on a second home in Florida that can be explained to you by a qualified attorney.
Avoiding Probate Issues
Probate, the process by which real estate is transferred to a deceased ownerÂ’s beneficiaries, can be a lengthy, and costly process. Putting the deed for a second home in the name of a Cross Border Revocable Living Trust (CBRLT) rather than in an individual name offers several advantages. Properties held by a CBRLT are exempt from Florida probate and thus have no filing requirements for U.S. or Canadian tax authorities. Your attorney can explain these benefits in greater detail.
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