Canadians bought 10 per cent of all homes sold in Florida from mid-2010 to mid-2011. 

The snowbird migration began early this year, with the bad weather in the northeastern United States sending flocks southwards weeks before the usual late November season. For Canadian snowbirds, Florida remains a popular destination, and they are snapping up properties there, taking advantage of depressed real estate prices to find great bargains. A survey of foreign buyers produced by the National Association of Realtors on behalf of the Florida Realtors association found that one-quarter of Florida homes were bought by foreigners, mostly Canadians. Canadians accounted for ten per cent of all real estate sales in the state for the twelve-month period from mid-2010 to mid-2011. The median price of homes purchased was about $150,000. More than 90 per cent of the sales were cash transactions.

The most popular spots are Tampa St. Petersburg-Clearwater, Miami-Fort Lauderdale Miami Beach, Orlando Kissimmee, Naples-Marco Island, and Cape Coral-Fort Myers: all are in the southern half of the state that was hit particularly hard by the housing downturn. The price of a typical condo in South Florida has fallen by 45 per cent since 2005.

In Naples. Florida, Canadians are typically buying two-bedroom condos near the beach, for an average price of $150,000. Buying right on the beach is another matter, however: there the homes sell for many millions of dollars.

Of course Canadians and snowbirds in general do not confine themselves to Florida. Scottsdale Arizona depends on the annual migration for the much needed economic boost all those northerners bring.

There, too, the snowbirds who used to rent a house or a condo for the season are increasingly likely to buy.

Scottsdale has always been one of the top destinations in the US for second home buyers, but with the current home prices in Scottsdale, and historically low interest rates, second homes are within reach and reason for many snowbirds.

A seasonal furnished rental can usually cost anywhere from $2,500 a month to over $5,000 a month. Condo prices on the re-sale market, however, start at around $100,000. Monthly mortgage payments on property like that are obviously a bargain that many snowbirds are eager to enjoy.

"Prices have come down so far here in Scottsdale, that buying can be cheaper or a better option for seasonal visitors" Says Chad Tornabeni, part owner of Capital Realty, a Scottsdale based real estate firm working with Canadians and second home buyers. "Buying a second home offers a place to visit year around and savy buyers can rent out their furnished property when they are not using it for significant profit."