Looming Canadian Property Tax Hike to Spur More Interest in the Sarasota Real Estate Market, Reports Sarasota Bay Real Estate

Prospects of increased property taxes in Toronto, coupled with a strong Canadian dollar and comparatively lower U.S. real estate prices, can combine to push more buyers from Canada to consider Sarasota homes for sale, reports Sarasota Bay Real Estate.

Sarasota, FL (PRWEB) January 01, 2013

Prospects of increased property taxes in Toronto, coupled with a strong Canadian dollar and comparatively lower U.S. real estate prices, can combine to push more buyers from Canada to consider Sarasota homes for sale, reports Sarasota Bay Real Estate.

The Sarasota realty firm noted that Ontario’s Municipal Property Assessment Corp. is expecting an average 5.5 percent annual increase in home assessments in the next four years. This projection comes following estimates that there has been a 22.8 percent appreciation in the average value of Toronto homes since 2008.

According to a report from the National Association of Realtors, Canadians took 24 percent of U.S. home sales to foreigners during the one-year period ending March 2012. Buyers from China were a distant second with 11 percent in the NAR report. The strength of the Canadian dollar in the foreign exchange market not only in relation to the U.S. dollar but also vis–à–vis other major currencies provide impetus for buyers from Canada to flock into the Sarasota real estate market.

Notably, analysts estimated that the difference between prices of homes in Canada and in the U.S. is in its highest level in years. The average price of Canadian homes stood at 350,192 Canadian dollars as of this August while the U.S. median home price for the same month was put at US$187,400, per industry estimates.

Canadians traditionally include Florida among their choices for U.S. home acquisitions, along with Texas, California, and Arizona, Sarasota Bay Real Estate said. “What these buyers prefer are second homes with a sunny, tropical climate,” added the real estate firm which in recent months facilitated sales in known hubs of Sarasota vacation homes like Siesta key and Longboat Key.

Cash Buyers in the Lower-end

Analysts observed that home buyers from Canada during the past twelve months ending in June tended toward the home options in the lower range. Aside from Canadian buyers, the foreign buyers who lean toward the Bradenton-Venice-Sarasota home market include those from Western Europe. They account for 39 percent of foreigners’ home buying in the area. Minor market players are those from Latin American countries, with a 4 percent share, and buyers from the Middle East and Asia which account for 2 percent each. Broken down further, the favored residential styles of foreign buyers are condos and apartments which account for 45 percent of the total.

It is significant to note, Christina Miller, Partner in Sarasota Bay Real Estate said, that cash transactions by foreign buyers accounted for over 80 percent of existing-home sales in Florida for the year ended this June. International buyers were also found to be likely to pay more. The median purchase price for foreigners’ home buying during the twelve-month period stood at $194,700. This compares with the median price of $125,100 for all buyers. Although U.S. home prices are now trending higher, bargains still abound as the real estate market has yet to achieve a full recovery, the real estate broker believes. “With an expert realtor, there’s still time to land a good deal even with the current rising prices and tight inventories,” Christina added.

About Sarasota Bay Real Estate

Sarasota Bay Real Estate is a full service real estate brokerage in Sarasota Florida owned by Sarasota real estate broker, Christina Miller, and marketing professional, Roy Hunter. Together they, and their team of well-experienced agents, provide the best-in-class real estate marketing services for the properties in the company’s inventory.

Sarasota Bay Real Estate Internet assets receive more than 1,000 visits from perspective home buyers a day due to the wealth of local community information published by the company. Through a direct feed from the Sarasota MLS, Sarasota Bay Real Estate publishes the most current real estate information on the Internet for the Sarasota, Florida, market.

Contact information for Christina Miller, Owner/Partner of Sarasota Bay Real Estate can be found at http://mysarasotafloridahomes.com/