SARASOTA, Fla. (AP) - Canadians are helping Florida real estate housing market emerge from the doldrums - especially in Southwest Florida.
The Herald-Tribune reports that Canadians are purchasing more Florida real estate than any other foreign buyers.
A study prepared for the Consulate General of Canada in Miami found that Canadians purchased $2.1 billion worth of residential real estate in Florida in 2010, accounting for 8 percent of all home purchases and 36 percent of all foreign-buyer deals.
Jack Ablin, chief investment officer with BMO Private Bank, says more than 500,000 Canadians own property, including timeshares, in Florida.
The Sarasota-Manatee area was the most popular among Canadian buyers in 2010, the most recent year measured, according to the Consulate General report.
