A Noticeable Increase in Canadian Real Estate Enquiries
Given the recently strong exchange rate in favour of the Canadian Dollar versus the US Dollar long side an increased number of flights, we have seen a noticeable increase in the number of Canadians that are enquiring about property in the Turks and Caicos Islands. This is not the only reason.
It is interesting to note that just three years ago, we had a predominant number of Americans who were investing in the Turks and Caicos Islands and then after the collapse of Lehman Brothers and the inevitable commencement of the recession, we witnessed a gradual decline in the number of American buyers and a gradual increase in the number of Canadian buyers. I am British, as it happens and I am from Bradford in the north of England where it is fair to say, caution is exercised before spending any amount of money. However, with any recession, it brings opportunity and in the case of the TCI real estate industry, which has seen significant price reductions, we have a significant number of Canadian buyers that bring welcome cash.
As we find a great majority of American and British people in debt, due to the irresponsible lending institutions that had spent over a decade promoting high loan to value mortgages, we fall upon Canadians whose banks were more rigid in their lending practices and whose same customers now set to benefit from the bargains that lay before them. As we have ofter heard, more Millionaires are created in a recession than any other period and whilst it is only a personal opinion, I would estimate that within this crowd, we will see a good number of Canadians.
Simon Padgett, Broker, RE/MAX ELITE, Turks and Caicos
April 21st, 2010 at 7:08 am
I’m a little bit surprised that the number of Canadians interested in Turks and Caicos Islands properties has grown so much. On the other hand, it kind of reflects the situation on the Canadian market, people are buying while they still can. And the pictures on this website are really beautiful, that has to be pretty motivating.
Elli
May 14th, 2010 at 12:08 pm
Hi Simon, nice to meet you. Great post. Seeing the differences between Canada and the U.S. in regards to real estate in the last two years has been very interesting. Hats off to Canada for not partaking of the crazy lending behaviors that many in the U.S. did. Thanks for the post.