Christopher Zoller, 2017 Chairman of the Board, MIAMI Association of REALTORS
Miami’s tropical weather, resort lifestyle and world-class shopping have long attracted Canadian home buyers
Miami, FL (PRWEB) January 05, 2017
Canadian consumers search South Florida real estate more than those from any other country, according to new data from the MIAMI Association of REALTORS® (MIAMI). Canada overtook long-time leader Colombia to become the top international country using MIAMI’s search portal, http://www.Miamire.com, in October 2016. Since the association has been tracking the information, Canada has topped MIAMI web searches just once before (Nov. 2013).
Colombia led the MIAMI rankings for 10 consecutive months (Dec. 2015- Sept. 2016).
“Miami’s tropical weather, resort lifestyle and world-class shopping have long attracted Canadian home buyers,” said Christopher Zoller, the 2017 MIAMI Chairman of the Board. “With temperatures dropping up north, more Canadian home buyers are purchasing real estate in South Florida. It’s not just Canada. Consumers in states throughout the Northeast are also interested. Our latest data again shows New York as the top U.S. state searching Miami real estate.”
New York has led domestic searches for Miami real estate for six consecutive months. Globally, India registered a notable increase in MIAMI web searches in October, posting the third-most searches among all countries. South Florida is the most searched U.S. market for international buyers, according to October data from Realtor.com.
Canada: A Top Market for South Florida Real Estate
Canadian consumers buy the fourth-most South Florida real estate among all foreign countries. The North American nation registered 7 percent of all South Florida international sales last year, according to the 2015 Profile of International Home Buyers in MIAMI Association of REALTORS® Business Areas.
Among all international buyers, Canadians spend the most on South Florida real estate. About 86 percent of Canadian buyers paid all-cash for South Florida real estate in 2015. Argentina (80 percent), Brazil (75 percent) and Venezuela (74 percent) trailed Canada in cash sales.
South Florida’s tropical climate is a top draw for Canadians. With an average temperature of 75 Fahrenheit, Miami is the only major “subtropical” city in the continental U.S. In comparison, the average annual temperature in Canada’s capital of Ottawa is 51.62 Fahrenheit.
February weather shows an even greater disparity between Miami and Canada’s capital city. On March 2, 2016, Miami registered a high of 81 degrees Fahrenheit while Ottawa posted a high of 16 degrees Fahrenheit.
The disparity in weather is one reason why many retired Canadians purchase second homes in South Florida. Before the winter arrives in Canada, these “snowbirds” relocate to their Miami and Fort Lauderdale homes and live up to six months here. More than a million Canadians over 55 years old have adopted the “snowbird” lifestyle, spending the winter months in Florida.
India Increases Interest in Miami Real Estate
India, the second-most populous country in the world (1.2 billion residents), finished with the third-most web searches for Miami real estate. It is the highest-ever finish for the South Asian country. India finished fourth in the MIAMI rankings in February 2014.
The MIAMI Association of REALTORS® (MIAMI) promoted South Florida at India’s largest real estate event, NAR-INDIA, to advance the growing trend of local Indian buyers and investors. MIAMI met and provided printed reference materials with important South Florida market facts to top Indian and global brokers at the 8th annual event held Aug. 13-14 in New Delhi.
MIAMI also participated in a FIABCI India program in Bangalore, the center of India’s high-tech industry, from Aug. 15-16. FIABCI is the International Real Estate Federation that helps real estate professionals conduct international business with each other.
India is the third-largest foreign buyer of United States residential real estate, according to the 2016 Profile of International Activity in U.S. Residential Real Estate conducted by the National Association of REALTORS® (NAR). India spent $6.1 billion in 2016, which trailed only China ($27.3 billion) and Canada ($8.9 billion).
The top-10 countries visiting Miamire.com in October 2016:
1. Canada
2. Colombia
3. India
4. Venezuela
5. Brazil
6. Argentina
7. Philippines
8. Spain
9. France
10. United Kingdom
The top-10 countries visiting Miamire.com in October 2015:
1. Brazil
2. Venezuela
3. Colombia
4. Argentina
5. India
6. Canada
7. France
8. Russia
9. United Kingdom
10. Spain
New York Leads All States in Miami Real Estate Searches
For the sixth consecutive month, New York registered the most domestic Miami web searches.
Miami’s growth as a world-class global city also attracted significant homebuyer interest from Texas, Georgia and California.
The top-10 U.S. states searching Miamire.com in October
2016: 1) New York, 2) Georgia, 3) California, 4) Texas, 5) Illinois, 6) Massachusetts, 7) New Jersey, 8) Virginia, 9) Pennsylvania, 10) District of Columbia
2015: 1) California, 2) Texas, 3) New York, 4) Georgia, 5) Illinois, 6) Tennessee, 7) North Carolina, 8) South Carolina, 9) Ohio, 10) Michigan
South Florida is the Most Searched U.S. Market by International Consumers
Miami-Fort Lauderdale-West Palm Beach finished as the most searched U.S. market for international consumers in October, according to Realtor.com. Miami has ranked No. 1 in 10 of the last 11 months.
The top-10 U.S. markets for international real estate demand:
1. Miami-Fort Lauderdale-West Palm Beach, FL
2. Los Angeles-Long Beach-Anaheim, CA
3. Bellingham, WA
4. New York-Newark-Jersey City, NY-NJ-PA
5. Orlando-Kissimmee-Sanford, FL
6. Urban Honolulu, HI
7. Kahului-Wailuku-Lahaina, HI
8. Naples-Immokalee-Marco Island, FL
9. Tampa-St. Petersburg-Clearwater, FL
10. Phoenix-Mesa-Scottsdale, AZ
South Florida ranked as a top-five market for consumers in eight of the world’s ten-largest regions in October 2016. South Florida finished as the Caribbean’s most-searched market.
● North America: 1. New York-Newark-Jersey City, NY-NJ-PA; 2. Chicago-Naperville-Elgin, IL-IN-WI; 3. Dallas-Fort Worth-Arlington, TX; 4. Philadelphia-Camden-Wilmington, PA-NJ-DE-MD; 5. Miami-Fort Lauderdale-West Palm Beach, FL
● South America: 1. Miami-Fort Lauderdale-West Palm Beach, FL; 2. Orlando-Kissimmee-Sanford, FL; 3. New York-Newark-Jersey City, NY-NJ-PA; 4. Los Angeles-Long Beach-Anaheim, CA; 5. Dallas-Fort Worth-Arlington, TX
● Northern Europe: 1. Los Angeles-Long Beach-Anaheim, CA; 2. New York-Newark-Jersey City, NY-NJ-PA; 3. Orlando-Kissimmee-Sanford, FL; 4. Miami-Fort Lauderdale-West Palm Beach, FL; 5. Dallas-Fort Worth-Arlington, TX
● Australia and New Zealand: 1. Los Angeles-Long Beach-Anaheim, CA; 2. New York-Newark-Jersey City, NY-NJ-PA; 3. Dallas-Fort Worth-Arlington, TX; 4. San Francisco-Oakland-Hayward, CA; 5. Miami-Fort Lauderdale-West Palm Beach, FL
● Western Europe: 1. Los Angeles-Long Beach-Anaheim, CA; 2. Miami-Fort Lauderdale-West Palm Beach, FL; 3. New York-Newark-Jersey City, NY-NJ-PA; 4. Dallas-Fort Worth-Arlington, TX; 5. Tampa-St. Petersburg-Clearwater, FL
● Caribbean: 1. Miami-Fort Lauderdale-West Palm Beach, FL; 2. Orlando-Kissimmee-Sanford, FL; 3. New York-Newark-Jersey City, NY-NJ-PA; 4. Tampa-St. Petersburg-Clearwater, FL; 5. Atlanta-Sandy Springs-Roswell, GA
● Southern Europe: 1. New York-Newark-Jersey City, NY-NJ-PA; 2. Miami-Fort Lauderdale-West Palm Beach, FL; 3. Los Angeles-Long Beach-Anaheim, CA; 4. Tampa-St. Petersburg-Clearwater, FL; 5. Chicago-Naperville-Elgin, IL-IN-WI
● Eastern Asia: 1. Los Angeles-Long Beach-Anaheim, CA; 2. New York-Newark-Jersey City, NY-NJ-PA; 3. Washington-Arlington-Alexandria, DC-VA-MD-WV; 4. San Francisco-Oakland-Hayward, CA; 5. Dallas-Fort Worth-Arlington, TX
● Western Asia: 1. New York-Newark-Jersey City, NY-NJ-PA; 2. Miami-Fort Lauderdale-West Palm Beach, FL; 3. Los Angeles-Long Beach-Anaheim, CA; 4. Houston-The Woodlands-Sugar Land, TX; 5. Dallas-Fort Worth-Arlington, TX
● Eastern Europe: 1. Los Angeles-Long Beach-Anaheim, CA; 2. Miami-Fort Lauderdale-West Palm Beach, FL; 3. New York-Newark-Jersey City, NY-NJ-PA; 4. Chicago-Naperville-Elgin, IL-IN-WI; 5. Tampa-St. Petersburg-Clearwater, FL
About the MIAMI Association of REALTORS®
The MIAMI Association of REALTORS® was chartered by the National Association of Realtors in 1920 and is celebrating 97 years of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of six organizations, the Residential Association, the Realtors Commercial Alliance, the Broward Council, the Jupiter Tequesta Hobe Sound (JTHS) Council, the Young Professionals Network (YPN) Council and the award-winning International Council, it represents nearly 45,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local Realtor association in the U.S., and has official partnerships with 160 international organizations worldwide. MIAMI’s official website is http://www.miamire.com