House prices in snowbird states still below 2006 levels: BMO
Prices up 20% in two years
Making sense of the Bank of Canada interest rate decision on December 11, 2024
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TORONTO – Housing prices in popular U.S. snowbird destinations are rising but are still below peak levels seen in 2006, says a new report.
The outlook by BMO Financial Group (TSX:BMO) says overall, housing prices in the U.S. have increased by 20 per cent in the last two years, but are only about halfway to the peak levels seen eight years ago.
For instance, homes in Miami, Fla., are down 52 per cent compared with 2006 prices; Las Vegas homes are down 43 per cent; Tampa, Fla., homes are down about 34 per cent and Phoenix homes are down about 30 per cent.
The average house price in Florida, which remains the most popular state for Canadian buyers, is US$124,000 — about half the price of a house in Canada.
There are more than 500,000 Canadians who currently own real estate in Florida, says the report.
Sal Guatieri a senior economist with BMO Capital Markets says it’s expected that U.S. house prices will continue to rise as the American economy and job growth gains further strength.
“We also expect the U.S. greenback to rise moderately further against the Canadian dollar, boosting capital gains appreciation for Canadians who purchase U.S. property,” he said.
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