Canadians hoping to make a clean break from home better not move to Hawaii – the islands are taking in a wave of vacation home buyers from Vancouver, Calgary and other cities several thousands of miles away.
According to Canwest News Service, at a recent open house in Maui, nine out of 10 potential buyers were Canadian, lured to the market because they believe a mix of factors makes now the right time to buy. Canada's dollar is at parity with the US dollar while at the same time Hawaii's vacation property values have been right-sized by the subprime mess, although not as severely as in other parts of the US.
Canadians who have been vacationing in Hawaii for years now find it tempting to enjoy the sun and sea as owners. The article quotes one Vernette O'Neill, a computer entrepreneur from Toronto, who says, “I've met more Canadians here in the last two years than in the last 14 years.”
In many cases, buyers are taking equity out of the relatively strong Canadian residential market and plunk it down for a tropical getaway. If you see an increased demand for hockey in Hawaii, you'll know why.