The Weak Canadian Loonie is Impacting Snowbird Home Buying

The Canadian dollar has hit a 13-year low, and a weakening Loonie means that less Canadian snowbirds are purchasing U.S. property, and some are even selling their homes.

Previously, buying real estate was a good deal when the Canadian dollar was stronger--now a $200,000 home will cost Canadians an additional $66,000 based off the most recent exchange rate, not to mention a higher cost of living in the States.

Tips for Canadian snowbirds

Are you a Canadian snowbird with property in the United States? Follow these tips from RBC Bank!

• Exchange your money all at once to get the best exchange rate
• Refinance your home to take advantage of the strong U.S. dollar, your home has likely appreciated in value
• It's cheaper to buy than to rent
• Instead of buying your U.S. home with all cash, finance it by applying for an adjustable rate mortgage with a fixed term
• Use U.S. credit cards for U.S. purchases to avoid foreign transaction fees