A Crazy Time for Canadians to Buy Real Estate in Bluffton and HHI - It’s Just Loonie!
It’s no secret that the US dollar is losing ground to other currencies around the world. Most recently, the Canadian dollar - fondly referred to as the Loonie due to the the bird on the dollar coin - has even surpassed the US 
dollar for the first time in over three decades. A stronger Canadian dollar offers great opportunities for snowbirds to buy real estate in the Hilton Head Island and Bluffton, South Carolina areas.
For Canadian residents, there may never be a better opportunity to purchase a second home on the South Carolina Coast than right now. The inventories are at an all time high; there are great deals at every price level and the tax comparison for non-residents can be much more favorable than other Southern states.
A few bits of information for Canadian residents looking to purchase real estate in the Bluffton and Hilton Head Island area:
- Canadian Residents Going Down South – A great guide from the Canadian Revenue Agency for Canadian residents looking to buy property in the United States.
- Canadian Snowbird Association – A non-profit group “defending and improving the rights and privileges of traveling Canadians.” Wow, that sounds serious.
- Voyage – A government sponsored site for Canadians who are, or are thinking of, retiring abroad.
The price range in Bluffton and Hilton Head Island can range from $150,000.00 for a 2 bedroom villa/condo in need of a little upgrading to multi-million dollar oceanfront properties. Feel free to Contact me about about questions regarding local listings or area information.
Posted: October 22nd, 2007 under Bluffton real estate, Canadian Residents, Hilton Head Island.
Comments: 12
Comments
Comment from Lydia Taylor’s assistant
Time: October 22, 2007, 11:29 am
Wow, great post & good links too. Thats the way to stay on top of the market Stacey!
Comment from stacey
Time: October 22, 2007, 12:55 pm
LT’s a,
Well, thank you. We have a number of Snowbirds who visit HHI and Bluffton. With the strength of the Canadian dollar, or the weakness of the US buck, a Canadian resident could conceivably purchase a HHI/Bluffton property at pre’05 prices. Now, that is Loonie!
Comment from Shailesh Ghimire
Time: October 22, 2007, 5:16 pm
Stacey,
Definitely a great time to talk about this issue. We’ve worked with Canadians before and they are great to work with!
Comment from stacey
Time: October 22, 2007, 7:25 pm
Shailesh,
Yes, this is a rare opportunity for buyers north of the boarder. My site meters reflect five to ten hits a day from Canadian based servers. This tells me our friends to the north are thinking the same thing you and I are.
Comment from Mark D. Finn
Time: October 26, 2007, 1:10 pm
Nice post! As you stated, this is an amazing time for our Northern friends to seriously consider a home purchase. An opportunity that should not be passed up lightly.
Comment from stacey
Time: October 26, 2007, 3:09 pm
Mark,
Thanks. For me, this is a no-brainer. Inventory is at an all time high, prices are low and the US dollar is weak. There may never be an opportunity for foreigners to by Carolina coastal property under these conditions again - for a very long time.
Stacey
Comment from MarkCanuck
Time: November 2, 2007, 12:23 pm
I tried posting before, but my message never appeared. I will try again.
I am concerned about the amount of property tax non-residents must pay. In Florida they pay much much more than resident.
Is it the same in your state?
Comment from stacey m.
Time: November 2, 2007, 4:01 pm
Mark,
Non residents pay a 6% personal property tax on fair market value, as compared to 4% for residents. This “assessment” is then rated at the area millage, which varies. Compare this to buying in Fla. where the taxes are almost double for non-residents. I would always suggest contacting a tax adviser, if you are serious about purchasing property as a non-resident. As I mentioned in the post, for Canadian residents, this is a great opportunity to buy on the Carolina Coast.
Comment from MarkCanuck
Time: November 4, 2007, 5:06 pm
Hi Tracy,
I found this blog that explains the situation in Florida for both Canadians and out-of-state Americans:
http://dianefrancisblog.blogspot.com/2007/05/snowbirds-cheated-in-florida_04.html
I believe it would be difficult to convince Canadians to invest in the US based on this negative perception. Can you recommend a tax adviser who can deal with these issues?
Thanks,
Mark
Comment from stacey m.
Time: November 5, 2007, 9:41 am
I found this post very interesting, as well. However, this just reaffirms the situation in Florida, not all of the US. The author, Diane Francis, even states, in the very same post, that many Snowbirds are still seeking investments in other parts of the US.
After very little research, I found that Diane, herself, proudly admits to owning property in Manhattan. To quote her, “I own a condo on the Upper East Side which is like living in the middle of the world’s biggest shopping mall with room service”.
To answer you last question. Yes, I would be happy to give you information on local tax advisors in my area. However, I would rather do so in a more private manor. You can email me or fill out the contact form on this site and I’ll send you the names, email addresses and phone numbers of a few of the tax advisors and accountants our office uses on a regular basis.
Also, here is a link to the city search results for accountants and tax advisors in Bluffton and Hilton Head area:
http://hiltonhead.citysearch.com/search?gcats=100&cats=237
Comment from Frank Curran
Time: February 29, 2008, 10:35 pm
Great stuff for further consideration.
Comment from Scott Kuhn
Time: April 4, 2008, 1:37 pm
Great Stuff. This is a great blog with loads of information.
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