Canadian homeowners have recently been selling off their Palm Springs real estate and making a healthy profit.
Due to the low Canadian dollar, it can mean selling off U.S. real estate now can result in substantial financial gains. Right now, if a Canadian was to sell their Palm Springs home for $100,000 U.S. it would make about $141,000 Canadian based on today's exchange rate.
"We've been recently swamped with calls from our past Canadian clients looking into selling their Palm Springs' homes" says local Palm Springs real estate agent, Paul Kaplan, "many bought during the recession in the Palm Springs market, taking advantaging of unusually low real estate prices. Now that prices have recovered, they're taking advantage of the financial gain and putting those real estate investments up for sale. " Its the perfect storm.
Paul Kaplan, owner of The Paul Kaplan Group, says that about half of their clients are Canadian. "Many of our Canadian clients still want to keep a second home in Palm Springs; they're selling off their more expensive homes, downsizing into smaller properties, and pocketing the profits." The condo market has been booming in Palm Springs, as many Candians after owning single family homes for a number of years, are now attracted to the low maintenance of owning a condominim.
The strength of the American dollar has contributed to the the strong economy and investors are anxious to get back into the real estate market- Because Palm Springs has had a recent international renaissance and surge in popularity, there has been no shortage of buyers looking for homes, according to Kaplan.
"We refer to this as 'The Great Canadian Sell-off," says Kaplan. He advises, to avoid surprises, whether Canadian, or US Citizens, it is highly recommended you always talk to your accountant first to understand the taxes you may have to pay when selling real estate.
For more information on selling your home in Palm Springs, please contact The Paul Kaplan Group.