Good News for Canadians Buying Real Estate in Florida
This article notes the increase in Canadians buying homes and condos in the United States and Florida. Of particular interest is the section on HiFX and RBC making loans for Canadians buying in the US easier to secure with lower down payments.
Here is an excerpt of the paragraph noting the new loan programs:
Financial firms are helping drive the move. HiFX PLC, a San Francisco division of a British asset-transfer firm, held two seminars in Canada this year on how to buy U.S. houses – and drew 400 people in Calgary and 200 in Toronto. Canadians sometimes have trouble getting American loans, and U.S. banks often require them to make down payments of up to 50 percent. Sensing a market, RBC Bank, a U.S. division of Royal Bank Financial Group in Toronto, set up a program that allows Canadians to buy U.S. property worth up to $2 million with a down payment of less than 25 percent. RBC has doubled the amount of such loans it has issued over the last year, says Alain Forget, a company vice president.
Here is the link to the story: