RBC Bank Kicks Off Snowbird Season in Palm Springs with Tips to Help Canadians Maximize U.S. Investments

RALEIGH, N.C. (October 17, 2016) – RBC Bank, the market leader in cross-border banking and real estate financing for Canadians visiting or staying longer-term in the United States, is welcoming Canadians back to Palm Springs and other popular U.S. destinations for another season of golf, warm weather and relaxation.

However, because the Canadian dollar (CAD) experienced a 16 percent decline against the U.S. dollar over the past year, some of these travelers are looking for ways to reduce costs. According to the 2016 RBC U.S. Travel Poll, two-in-10 travelers (23 percent) say they plan to cut back on shopping, dining or entertainment when in the U.S.

Despite currency concerns, there are opportunities for Canadians returning to the Palm Springs area, such as:

- Homes in the U.S. are less expensive than comparable homes in Canada. Canadians can get more square footage for less money in the U.S. The median cost of a home in Palm Springs is approximately $320,800 U.S. dollars, compared to $605,250 U.S. dollars (1) in Toronto. Additionally, renting out the property during the off-season can cover mortgage payments, U.S. taxes and more. Vacancy rates are also at a 20-year low, according to Moody’s Analytics.

- Refinancing in the U.S. can be lucrative. Consider refinancing if you bought a home in the U.S. between 2009 and 2013, when the CAD was at or around parity with the U.S. dollar. Your home has likely appreciated by as much as 12 – 15 percent per year. Homeowners are in a unique and favorable position to take advantage of appreciation on their home and the strong U.S. dollar.

“The financial landscape is constantly evolving and we want to help our Canadian customers maximize their U.S. investments,” said Alain Forget, director of business development at RBC bank. “We are excited to welcome Canadian snowbirds back to the U.S. and help support their cross-border lifestyle.”

RBC Bank enables Canadians to easily access and manage their money on both sides of the border.

To learn more about RBC Bank’s cross-border services, visit www.RBCBank.com.

About RBC Bank

RBC Bank (Georgia), N.A., a wholly-owned subsidiary of the Royal Bank of Canada, provides U.S. banking solutions to RBC consumer clients with a cross-border lifestyle, including snowbirds, expats, student, businesses and more. RBC Bank pioneered cross border banking and has been serving clients who visit, shop, study or relocate in the U.S. for more than ten years. Today, the Bank provides everyday banking, business banking and real estate lending solutions in all 50 states. For more information, visit www.rbcbank.com.

Equal Housing Lender. Member FDIC.

1 Illustrative example rates provided are for information purposes only. Foreign exchange rates are subject to change at a moment’s notice. The rate used in this example was approximately $1 USD = $ 0.75 CAD.

About RBC Royal Bank

Royal Bank of Canada is Canada’s largest bank, and one of the largest banks in the world, based on market capitalization. We are one of North America’s leading diversified financial services companies, and provide personal and commercial banking, wealth management, insurance, investor services and capital markets products and services on a global basis. We employ approximately 79,000 full- and part-time employees who serve more than 16 million personal, business, public sector and institutional clients through offices in Canada, the U.S. and 38 other countries. For more information, please visit rbc.com.

RBC supports a broad range of community initiatives through donations, sponsorships and employee volunteer activities. In 2014, we contributed more than $111 million to causes worldwide, including donations and community investments of more than $76 million and $35 million in sponsorships.

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Alex Huffman

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alex@largemouthpr.com

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