Florida has always been a popular destination for Canadians, usually as a vacation destination where they have been renters.  However, in July of 2007, the Canadian dollar reached a peak worth of $1.10, and currently is worth about 94 cents, where three years ago it was only valued at 80 cents.  Also to be factored in is the strong Canadian housing market and rising home equity – according to the Canadian Real Estate Association, home prices rose by 11% in 2007 from the previous year, and they are expected to rise another 5.3% in 2008.

Another possible reason for the influx of Canadians in the U.S. is that banks are making it easier to purchase property.  Previously, U.S. banks have made it difficult for Canadians to obtain loans and required a down payment of up to 50%.  Recently, RBC Bank created a program that enables Canadians to buy up to $2 million worth of property in the U.S. with a less than 25% down payment.  According to a company vice president, RBC has doubled the amount of loans issued in the past year since the inception of this program.