Tag Archives: Florida Real estate

The Best Cities To Own Rental Property In Florida

 

Credit: Getty Royalty Free | Miami Beach. Florida. USA. The Miami metro area is a hotbed for investment property investing.

Florida is an intriguing state when it comes to buying and owning rental property. On one hand, demand for homes — especially single-family homes — has been consistently on the rise in Florida. Yet despite the demand, it doesn’t necessarily convert to more homebuyers. Instead, even though Florida boasts fairly low housing prices statewide, many people are still opting to rent instead of buy. As a result, rental rates are skyrocketing.

Now add into the mix low property taxes and insurance, as well as no state income tax. Great climate and top-of-the-line healthcare are bonuses that help make Florida one of, if not the best, states for America’s retiring Baby Boomer masses.

Here’s a look at the best places in Florida to own rental property and turn a solid profit.

Tampa

Although Tampa home prices have risen in recent years, the city still has plenty of neighborhoods and zip codes where investors can find properties at affordable prices, and rent them out for $1,405 to $1,527 a month on average.

Tampa’s economic prospects really boost the city’s appeal to rental property owners. Tampa’s year-over-year employment growth beat the U.S. average. According to Bureau of Labor Statistics data, U.S. nonfarm employment increased approximately 1.6% from 2017 to 2018, while Tampa managed a 2.3% increase.

Healthcare and social assistance is the dominant employment sector in Tampa. This isn’t a bad thing considering jobs such as home health aides, personal care aides, physician assistants and nurse practitioners all rank among the top-10 fastest growing occupations in the country, according to BLS Employment Projections.

Here’s a breakdown of some important figures to consider before buying property in Tampa:

  • Median list price – All Homes: $312,995
  • Median list price – Condo: $239,900
  • Rent list price: $1,527
  • Median rent: $1,405
  • 1-year job growth rate: 2.3%
  • 5-year population growth: 12%
  • Average 30-year fixed mortgage rate: 4.40%
  • Rental yieldSee rental yields for Tampa

The trajectory of Tampa’s population growth is very conducive to potential future property owners. Since 2013, Tampa’s population has risen by an impressive 12%, one of the highest rates in the country. With a local economy worth well over $130 billion, Tampa is easily one of Florida’s best markets to buy and own rental property. For a more in-depth look, or just to explore, take a look at this interactive map of the Tampa real estate market.

Jacksonville

Robust job and population growth as well as great affordability greet prospective investment property owners in Jacksonville. Florida’s largest city is also home to a first-rate healthcare system, and burgeoning biological sciences sector. The population in Jacksonville has grown about 8% from 2013 to 2018, and 24% since the year 2000. Plus, the median home price is $210,000 in Jacksonville, which is 33% cheaper than the national average, $278,900.

Jacksonville’s average rental yield is among the highest in the U.S. Rent growth is also healthy. The city’s 2.6% increase is better than the national year-over-year average of 0.5%. Specific markets within the Jacksonville metro area, such as Butler Beach, are displaying rent growth rates in excess of 10%.

Here’s a breakdown of some important figures to note before buying property in Jacksonville:

  • Median list price – All Homes: $210,000
  • Median list price – Condo: $134,950
  • Rent list price: $1,250
  • Median rent: $1,345
  • 1-year job growth rate: 3.2%
  • 5-year population growth: 8%
  • Average 30-year fixed mortgage rate: 4.40%
  • Rental yieldSee rental yields for Jacksonville

The reasons for all this growth and development are manifold. Jacksonville’s cost of living is below the national average. And to this is we can add the usual Florida amenities, like warm weather, conducive business climate and no state income tax.

See interactive map of Jacksonville real estate market >>

Orlando

In terms of both employment and population growth, Orlando really outshines. From summer 2017 to 2018, employment increased 4.3%, which is almost three times the U.S. average growth rate. Its population surged by 14% from 2013 to 2018.

The most common employment sectors for those who live in Orlando are accommodation and food service (12.3%), which includes workers of Orlando’s world-class resorts like Disney World and Universal Studios Orlando. Second most common sector is healthcare and social assistance (11.9%), followed by retail trade (11%).

Here’s a breakdown of some important figures to consider before you buy property in Orlando. Also, here’s an interactive map of Orlando’s real estate market to help out.

  • Median list price – All Homes: $285,000
  • Median list price – Condo:$140,000
  • Rent list price: $1,600
  • Median rent: $1,478
  • 1-year jogrowth rate: 4.3%
  • 5-year population growth: 14%
  • Average 30-year fixed mortgage rate: 4.40%
  • Rental yieldSee rental yields for Orlando

Rents grew 2.3% in the last year, which is well ahead of the U.S. overall growth rate. Rent yield in Orlando is markedly higher than in most other cities. Comparatively low home prices combine with relatively higher rent prices to create a city that is especially suitable to owning rental property.

Source: Forbes –
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Here’s how much money you have to make a year to afford an ‘average’ home in the hottest US cities

Business district area of downtown San Jose, California.

Mark Miller Photos | Getty Images
Business district area of downtown San Jose, California.

The median U.S. household now earns about $61,372 a year, up nearly 2 percent from 2016. Still, in order to afford to buy a home in one of the country’s hottest and most expensive cities, like San Jose, California, you’d need to make more than four times that amount.

That’s according to financial website How Much, which crunched numbers from the National Association of Realtors and mortgage-information website HSH.com to determine where it’s most expensive to buy an “average-sized home.”

Researchers found the median price of homes in the 50 most populated metro areas across the country and “calculated monthly principal, interest, property tax and insurance payments buyers have to pay for a 30-year fixed rate mortgage,” says How Much.

They then calculated what salary would be needed to afford each home, assuming a 20 percent down payment and that the total housing payment would not make up more than 28 percent of gross income.

How Much: Annual income needed to buy a home

Based on the data, here are the top 10 cities where you to earn the most money to buy a typical home:

1. San Jose, California

Annual income needed to afford a home: $274,623

2. San Francisco, California

Annual income needed to afford a home: $213,727

3. San Diego, California

Annual income needed to afford a home: $130,986

4. Los Angeles, California

Annual income needed to afford a home: $114,908

5. Boston, Massachusetts

Annual income needed to afford a home: $109,411

6. Seattle, Washington

Annual income needed to afford a home: $109,275

7. New York, New York

Annual income needed to afford a home: $103,235

8. Washington, D.C.

Annual income needed to afford a home: $96,144

9. Denver, Colorado

Annual income needed to afford a home: $93,263

10. Portland, Oregon

Annual income needed to afford a home: $85,369

“Median household income across the United States recently reached a record high, which is great news for workers,” says How Much. “The bad news is that isn’t enough to afford a typical home in 25 out of the 50 cities on our map.” That’s especially true on the West Coast.

“Our map reveals three tiers in annual income workers need to earn to afford a median home. First, the West Coast stands out as by far the most expensive market in the country,” the report says, “with four out of the top four markets in California alone.”

In Los Angeles, San Diego, San Francisco and San Jose, California, median homes range in value from $618,000 to more than $1.3 million, according to real-estate site Zillow. The U.S. national median home value, by comparison, is just above $216,000.

“Median household income across the United States recently reached a record high, which is great news for workers. The bad news is that isn’t enough to afford a typical home in 25 out of the 50 cities on our map.”-HowMuch.net

“The second tier of expensive locales is along the East Coast,” How Much reports, “led by the familiar hot spots of unaffordable housing like Boston, New York and Washington, D.C.

In Portland and Denver, meanwhile, homes aren’t as expensive as they are in California or New York, but workers would still need to make about $85,000 a year to afford to buy.

Some lower-profile American cities do still offer professional opportunities and good deals. In these three up-and-coming metro areas, for example, jobs are plentiful yet housing is affordable.

No matter where you fall on the map, though, living within your means and employing common-sense budgeting tactics can help you save in the long run. If you’re looking to buy a home, be sure you’re ready to transition from renting and if you’re going to continue to rent, check out these savings hacks and other ways to make your money stretch further.

 

Source: CNBC.com –  

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Five Financial Benefits of Owning Residential Real Estate Investments

Financial-Benefits

 

For the last 25 years, I have been helping families and individuals identify goals, establish a plan and determine a clear vision of their financial future. While a financial plan is a future road map that is normally put into writing, it is also a guideline that is used to track results, and make adjustments when needed. Since this is an ongoing process, there are several areas which should be discussed.

When it comes to investments and cashflow, many financial planners will focus on the Equity, Bond or Alternative markets, but I feel it is important to also be aware of the power of investing in cash-flowing residential real estate in areas of the country which make sense.

An important part of many people’s financial plan is the home they live in. The choice between buying a home and renting is among the biggest financial decisions that many adults make. But the costs of buying are more varied and complicated than for renting, making it hard to tell which is a better deal.

Owning a home is potentially the largest investment most people will make during their lifetime. Many purchase homes with the hope that the value will appreciate, and they will be able to build a sizable amount of equity, sell one day and live off the proceeds after investing in a 1 percent Certificate of Deposit (CD).

Homeownership Tougher in High-Priced Markets

 

While homeownership is great for some, there are segments of the population which find that renting a home and investing instead in income-producing real estate is a better financial decision.

Home-Owners

In many areas of the country, home prices are reaching unaffordable levels for many homebuyers, especially in California. According to an article in the Los Angeles Times, California’s median home price is now $537,315, reflecting a compounded annual growth rate of nearly 10 percent since 2012, according to real estate website Zillow. During the same time period, the median rent for a vacant apartments jumped an annual rate of nearly 5.5 percent to $2,428.

As a result of rapidly increasing housing costs in California, more people are leaving, according to a study conducted by Beacon Economics and Next 10, cited in the LA Times article. In 2016, 41,000 more households left the state than moved in, according to the study referenced in the article.

What this means is that people need a place to live no matter what the economy is doing. Unlike the commercial, retail and industrial real estate markets, the residential rental market (in many areas of the country) is less likely to drop as far down.

Money Out of Your Pocket

So is owning a home for your primary residence a good investment? To answer that question you need to understand that your personal property takes money out of your pocket each month. Every month you have to pay the mortgage, insurance and property taxes. Even if the house is paid off you are still spending money maintaining the house and paying your taxes and insurance. The house is still taking money out of your pocket, not producing income.

While your paid-off house might make your net worth look good, the equity is locked up in the home. If you actually need to access that money, you either need to refinance or sell the house, and then you are back to having mortgage debt or looking for a place to live.

A growing numbers of Americans — millennials, baby boomers and Gen-Xers in particular — are showing less and less interest in owning a home, according to new data from Freddie Mac.

Colorful-Houses

The study released by Freddie Mac Multifamily, found that while economic confidence is growing among renters, affordability concerns remain the dominant driver of renter behavior. The study found that 63 percent of renters view renting as more affordable than owning a home. That includes 73 percent of baby boomers. And 67 percent of renters who plan to continue renting said they would do so for financial reasons. That’s up from 59 percent two years ago, according to Freddie Mac.

Additionally, recent trends indicate that segments such as the millennials and baby boomers are electing to rent where they want to live and invest in a single family residence to create cash flow in another, more affordable market. The following are five advantages to such an approach:

1. Leverage

If you pay 10 percent to 30 percent as a down payment, a bank, lending institution or private party will provide the rest of your funding. That means you can own a $100,000 piece of property for just $10,000 to $30,000.

2. Cash flow

If purchased and managed properly, your property can offer long-term positive cash flow, and this ongoing stream of income you receive from an investment offers other benefits — see below.

3. Appreciation

If the value of your property has gone up, and you decide to sell, your profit is called appreciation. Cash flow and appreciation are two forms of revenue from rental properties. Remember, even though you aren’t buying in hopes of selling to earn a quick profit, you should always have an exit strategy in place.

4. Fewer highs and lows

A cash-flowing property is not subject to the daily ups and downs of the markets. It is typically a longer-term play — as opposed to paper assets or the Equity/Bond Markets, where you can have daily ups and downs of up to 10 percent.

5. Tax advantages

Tax credits are available for low-income housing, the rehabilitation of historical buildings, and certain other real estate investments. A tax credit is deducted directly from the tax you owe. You also get an annual deduction for depreciation, which is typically a percentage of the value of the property that you can write off as an expense against revenues. Finally, in some countries, the gains from the sale of real estate can be postponed indefinitely as long as the proceeds are reinvested in other real estate, known as a 1031 exchange.

Important factors to consider when choosing a real estate market for single family rental property investing include population and employment growth and home value appreciation. When buying single family rental properties located in a different city or state, investors also research purchase prices, taxes, and housing regulations.

Other investors also look at the percentage of the population that are renting. For instance, D.C., New York, and California have the most renters in terms of percentage of the population. Another important consideration is that you want to use the 1 percent rule, which means that the monthly rent generated is at least 1 percent of the sales price of the home. For example, if you have a house worth $250,000, you want to be able to generate around $2,500 per month in rent. This is going to eliminate a lot of areas of the country — in particular coastal California, New York and even some middle-America markets such as Denver, Colorado.

Source: ThinkRealty.com – Glenn Hamburger | 

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HIGH NET WORTH – Why the wealthy are heavily focused on real estate

Real estate averages 27 per cent of the investments of the ultra wealthy. (Sheldon Kralstein/Getty Images/iStockphoto)

Real estate averages 27 per cent of the investments of the ultra wealthy.
(Sheldon Kralstein/Getty Images)

With markets roiling in 2016 and commodities lingering in low-price limbo, the holdings of high-net-worth investors can serve as indicators of where the rest of us might consider parking our nest eggs. It turns out that a good chunk of wealthy peoples’ investments is in real estate.

“Real estate is generally accepted as an alternative investment [by high-net-worth investors],” says Simon Jochlin, portfolio analytics associate at StennerZohny Investment Partners, part of Richardson GMP in Vancouver.

“It has the characteristics of an inflation hedge: yield, leverage and cap gains. It does well in upwardly trending markets, it pays you to wait during market corrections and typically it lags equities in market declines – it buys you time to assess the market.”

While the definition of high net worth can be flexible, in Canada and the United States it is generally considered to be someone who has at least $1-million in investable assets.

Thane Stenner, StennerZohny’s director of wealth management and portfolio manager, says a good way for determining what the wealthy do with their investments is to look at reports from Tiger 21, an ultra-high-net-worth peer-to-peer network for North American investors who have a minimum of $10-million to invest and want to manage their capital carefully.

Every quarter the network surveys its members, who number about 400 members across Canada and the United States. Some of the participants are billionaires, and most have a keen eye for business, Mr. Stenner says.

Though the Tiger 21’s Asset Allocation Report for the fourth quarter of 2015 found that its members were becoming cautious about Canadian real estate, they still on average put 27 per cent of their investment into real estate, the largest portion of their allocations. The next largest were public equities (23 per cent) and private equity (22 per cent) with smaller percentages going to hedge funds, fixed income, commodities, foreign currencies, cash and miscellaneous investments.

The real estate portion declined by 1 percentage point from the previous quarter. “While this is the lowest we have seen this year, it is at the same level observed in the fourth quarter of last year, which consequently was the high of 2014,” the report said.

“Real estate is very popular and one of the reasons, in my opinion, is that investors can actually see and touch their investment,” says Darren Coleman, senior vice-president and portfolio manager at Raymond James Ltd. in Toronto.

In his experience, real-estate investors, wealthy or otherwise, seem to behave with more logic than those who focus on markets. “For example, if you own a rental condo, and the one across the hall goes on sale for 30 per cent less than you think it’s worth, you wouldn’t automatically put yours on the market and sell, too, because you think there is a problem. Indeed, you may actually buy the other condo,” he says.

“And yet when a stock drops on the market, instead of thinking of buying more, most people automatically become fearful and think they should sell.”

Real estate also allows for considerable leverage, Mr. Coleman adds: “Banks love to lend against it. Over time, this lets you own a property with a much smaller investment than if you had to buy all of it at once.”

At the same time, Mr. Jochlin says there are disadvantages to real estate that investors should beware of. Property is not particularly liquid, so if you need to sell you could be stuck for a while.

“It’s also sensitive to interest rates and risks from project development,” he says. There are administrative and maintenance costs, and an investor who buys commercial rental property will be exposed to the ups and downs of the entire economy – look at Calgary’s glut of unleased office space, for example.

“Timing is key. You do not want to chase the performance of a hot real estate market,” Mr. Jochlin says.

“Buying at highs will significantly reduce your overall return on investment. You want to buy in very depressed markets at a discount. In other words, look toward relative multiples, as you would an equity.”

As to how one goes about investing in real estate, Mr. Jochlin says it depends. The factors to consider include determining whether your investment objective is short- or longer-term, your liquidity requirements, your targeted return and whether you have any experience as a real estate manager.

“Sophisticated high-net-worth investors have a family office, and thus a specialist to manage their real estate assets,” he says.

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How the rich buy real estate

The wealthy don’t necessarily buy and sell real estate the same way ordinary investors do, says Mr. Stenner. Ordinary people buy something and hope that when they sell it they’ll get a better price. Meanwhile, they like to do things like live on the property or rent it out, whether it is residential or commercial. If it is vacant land they might build something. Not always so for high-net-worth (HNW) investors, Mr. Stenner says. While everyone who invests hopes their investment will rise, Mr. Stenner says that in real estate, HNW people tend to fall into four categories:

Developers

“The real estate developer is looking for substantial returns from individual/basket real estate projects, typically 30-50 per cent IRRs [internal rates of return],” Mr. Stenner says. Developers are highly experienced investors who often take big risks, looking at a raw, undeveloped property and envisioning what it could look like with, say, a shopping mall or office tower. This requires lots of access to capital and a strong stomach, as there can be huge delays and setbacks.

Income Investors

“These HNW investors typically look for a stable, secure yield, tax-preferred in nature and structure if possible, with modest capital growth potential,” Mr. Stenner says. They take the same businesslike approach to property as the developer-types, but they’re more conservative, focusing on cash flow and long-term profit as opposed to getting money out after a development is complete. Often they’re building a legacy that they hope to pass down through generations. Mr. Stenner says lower net worth people can emulate income investors, for example, through REITs that are based on apartment buildings.

Opportunists

These HNW investors tend to look for more short-term higher risk, higher return “asymmetric” payoffs. Income from the investment or project is secondary — they’re in it for the quick buck. Often they see real estate in contrarian terms – investments to look at when the market is low and to sell on the way up, rather than hold. After 2008, many HNW investors bought up depressed-price housing in the U.S. Sunbelt. The sizzling Vancouver and Toronto markets might be the opposite of what they’re looking for right now; commercial property in the stagnant Canadian economy that can be purchased for low-trading loonies right now might be more interesting.

Lenders

This refers to HNW investors who lend capital to developers or opportunistic investors, for a fixed return, plus as much asset coverage from the property as possible. They fund mortgages, invest in real estate financing pools or put money into companies involved in this type of investment. “Because wealthier investors tend to have more liquidity, this also creates more optionality to deploy capital in various ways, while using the real estate as collateral or protection,” Mr. Stenner says.

Being a lender is a way to diversify. In addition, money lent in this way puts the lender high up in the creditor line if something goes wrong. If things go right, it generates income as the mortgage is paid back to the HNW investors or the funds they buy into.

Source: DAVID ISRAELSON Special to The Globe and Mail Published Thursday, Feb. 18, 2016

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Tax implications for selling a U.S. property

I’m considering selling my property in the U.S. I know I’ll need to pay capital gains on the appreciated value but do I claim the gains in U.S. or Canadian currency?

—Paul and Barb, Fort McMurray, Alta.

Timing is everything, in both comedy and taxes. According to Philippe Brideau, spokesperson for the CRA, both the cost of the property to buy and the proceeds of the sale must be converted into Canadian dollars using the exchange rate at the time of each transaction. You then report the capital gain, or loss, on your tax return based on “the difference between those two Canadian dollar amounts.” But the CRA isn’t the only tax collector to consider. The U.S. also cares about that property sale, explains Kim Moody of Calgary-based Moodys Gartner Tax Law. “A Canadian needs to first report a gain or loss in the U.S. by filing a U.S. tax return—form 1040NR—and paying any applicable U.S. taxes.” Expect to pay a withholding tax to the Internal Revenue Service, which you claim as a foreign tax credit on your Canadian tax return. Now, if this is a place in the sunny south, I hope you get to enjoy one last season down there.

Source: MoneySense.ca – Bruce Sellery February 2016

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Snowbirds rush to sell U.S. homes to profit from tanking loonie

Winnipeg snowbirds Greg and Erina Barrett are spending their last winter in their Arizona home. They just sold it for a big profit.

Greg Barrett and his wife, Erina, wouldn’t call themselves savvy investors. But the snowbirds have just made a killing in the U.S. real estate market.

They join a growing number of Canadians who bought U.S. homes for cheap and are now selling them to take advantage of rising U.S. house prices and a tanking loonie. Even with added costs such as a possible capital gains tax, many Canadians are still coming out far ahead.

“It just worked out for us and we’re blessed,” says Barrett, a 75-year-old retired social worker.

In 2010, the loonie was virtually at par and the U.S. housing market had crashed when the Winnipeg couple bought an Arizona home to escape Canadian winters.

“It was a fabulous deal,” says Barrett from their three-bedroom bungalow in San Tan Valley near Phoenix.

Recently, he and his 73-year-old wife contemplated selling to lighten the burden as they age. When they crunched the numbers, they couldn’t resist taking the plunge.

Thanks to the rebounding U.S. real estate market, they have just sold their Arizona home for 65 per cent more than what they originally paid.

Add the exchange rate with the loonie hovering around 71 cents US, and you could say the couple hit the jackpot.

“In Canadian terms, it’s double the boost,” says Barrett. “I’m walking on sunshine, and don’t it feel good,” he adds, quoting a favourite pop song.

snowbirds Greg Barrett Erina

The Barretts pose in front of the Arizona home they just sold. The Canadian couple must move out at the end of the month, but plan to rent to get their taste of sunshine in coming winters. (CBC)

Swamped with sellers

The Barretts’ Arizona real estate agent, Diane Olson, says she’s swamped with calls from Canadians itching to sell their U.S. properties to cash in.

“They are just saying, ‘It’s such an awesome and great opportunity.’ They were not counting on the foreign exchange going to where it is,” says the agent, who specializes in Canadian clients.

Olson says she has 29 Canadian-owned Arizona homes either on the market or about to be listed.

“I am zooming, zooming, it’s crazy!” she says while driving on a Phoenix freeway, heading to her fourth meeting that day with a Canadian client.

Diane Olson

Diane Olson stands in front of one of her many real estate signs in Arizona advertising a Canadian-owned home for sale. (CBC)

From buying frenzy to selling spree

It’s a reversal from 2010, when the loonie was around par. In 2011, it would hit $1.05 US. At the same time, U.S. real estate prices had taken a dive, triggered by the 2008 subprime mortgage scandal and financial crisis.

So Canadians — from snowbirds to investors — swooped into hotspots like Arizona and Florida to grab a piece of sunny real estate for a steal.

According to the American National Association of Realtors survey, for the year ending in March 2007, Canadians accounted for 11 per cent of U.S. home sales to international clients. But as the loonie climbed, so did Canadian deals.

From March 2011 to 2012, Canadian sales more than doubled to 24 per cent, totalling an estimated $15.9 billion US.

“It was a buying frenzy,” says Olson. “You could buy a brand-new house on the outskirts [of Phoenix] that was nice for $80,000 [Cdn].”

Fast forward to 2016. Thanks to a strengthening economy, U.S. house prices have shot up 30 to 50 per cent, says BMO economist Robert Kavcic.

Add the loonie’s recent decline, and some Canadian sellers of U.S. homes are making big profits, even after any tax hits. “They have made out like bandits,” says Kavcic.

Canadians fleeing Florida

In Florida, Brent Leathwood is also seeing a surge of Canadians cashing out. The real estate agent says that when the loonie was stronger — from 2009 to 2013 — virtually all his Canadian clients wanted to buy.

Now, he says, about 80 per cent of them want to sell their homes in the Sunshine State.

“They’re making a pile of money, some of these people,” he says.

But Leathwood adds it’s not just big profits that are encouraging people to sell.

He says there’s a high price to pay these days when hanging on to U.S. property. Suddenly everything from American property taxes to electricity bills have become more expensive.

“A lot of these people are feeling squeezed by the ongoing monthly costs of maintaining a residence as the exchange rate continues to go against them,” says Leathwood.

Both he and Olson expect the selling frenzy to continue as long as the loonie stays low.

“There’s going to be a wave of money going back to Canada,” says Leathwood.

The Barretts plan to keep some of their money parked down south.

They still want to spend their winters in Arizona, but from now on, they’ll rent — with a lot less responsibility and a lot more cash.

“I’m sitting here in paradise and I’m making money. It’s just an amazing thing,” says Greg Barrett.

Source: Sophia Harris, CBC News Posted: Feb 01, 2016

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