Somewhat surprisingly, I continue to work with Canadians buying real estate in Hawaii. As we all know, the US dollar is strong these days and the Canadian dollar has significantly decreased in value the last five years, but just last week I was working with two Canadians buying real estate on Maui.
In the last few years, more commonly I have been helping Canadians divesting themselves of their US properties. With the recovery in the Maui real estate market and the increase in the US dollar a lot of Canadians have been opting out of the market and taking their gains. One client of mine bought at the bottom of the market in 2012 for $525,000, a time when the Canadian dollar was at about par with the USD. Late last year they sold that condo for $760,000. This client saw a huge increase in Canadian dollar terms – I think in the end they netted about over C$300,000 profit in less than three years – an outstanding return.
Presently many Canadians have US dollar investments and can make their purchases without having to be too concerned about the devaluation of the Canadian dollar. Mortgage brokers on Maui that work with Canadians have reported to me a decline in the number of Canadians applying for loans, but there still a healthy supply of Canadian buyers in the Maui real estate market. I think with Canadian baby-boomers retiring, and many having had USD savings we will continue to see a healthy number of Canadians buying on Maui and on the other islands.
If you are a Canadian buying real estate on Maui, Hawaii call me and we can discuss how to find you a home or condo – call me at 808 344 7855.