Florida real estate market is on fire

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If the majority of Quebec snowbirds wonder if they will be able to spend the winter in Florida, the optimism of many of them ignites the real estate market of the American state.

The weak US dollar and very low interest rates are pushing potential buyers of condos and residences to take action.

Due to COVID-19, many of these transactions are done remotely, and many visits are done virtually.

“With us, at the bank, we are talking about a 20 to 25% increase in our volume, which is still interesting,” notes Louis Rhéaume, CEO of Desjardins Bank.

He says the situation is similar to what is observed in Canada.

“We can draw a parallel with the real estate market in Canada. We can also see that the last few months have been super interesting. It’s a bit of the same thing happening for us in the Florida market, ”explains Mr. Rhéaume.

This situation surprises several observers who feared an exodus of Snowbirds who could not return to Florida.

“There is no sale of fire. People would think snowbirds would get rid of their property. No, people are investing. I have a lot of investors who make investments; who are buying to position themselves when the borders will reopen, ”says the CEO.

According to an in-house survey conducted by Desjardins Bank after its snowbird members, 74% of them want to return to Florida.

Of these, 30% would like to return this fall and 41% this winter.

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