Neighbor News
Why Canadian Snowbirds Should Buy Instead of Rent
Canadian residents can save by financing their new home purchase
Millions of Canadian snowbirds travel to U.S. Sunbelt states every year to escape the harsh Canadian winter and enjoy amenities like beaches, golf, dining and more. Many snowbirds rent property while in the U.S., missing out on the benefits of owning a home.
Given the value of the Canadian dollar (CAD) is currently hitting a 13-year low this month, many Canadians citizens may be hesitant about buying a home, but it’s actually an opportune time! As these snowbirds face higher costs on everything from groceries to rent, it’s make sense to purchase U.S. property now, as long as snowbirds finance the property.
It may be a great time to buy a U.S. home, but that doesn’t make it a great time to pay cash for one. Here are a few reasons to finance a home now:
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· U.S. interest rates are still relatively low
· There is a large inventory of affordable houses
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· The CAD expected to be challenged at least through 2017
· There is no prepayment penalty if a buyer decides to pay back once CAD improves. This is beneficial where a buyer is looking to diversify assets, leverage the property for rental income or make annual vacations easier.
To pre-qualify, simply complete an online application or call a RBC Bank Cross-Border Mortgage Advisor at 1-866-283-5928 to provide basic information about your income, assets, and credit.
