Until recently,
Now she can call it home.
Canadian tourists who have fallen in love with the Grand Strand for its golf and warm weather are taking advantage of the strong Canadian dollar and buying real estate.
"It's a good getaway for us from the cold here in
The drastic rise in the value of Canadian currency against the U.S. dollar is in large part what's fueling the movement. The Canadian dollar rose to a modern-day high in 2007, marking the first time since 1976 that it was worth more than the U.S. dollar. The loonie has since fallen to about $1.01 against the U.S. dollar.
More Canadians have been looking at local housing since the loonie's surge, real estate agents said, and some agents aim to spur even more interest by marketing in
Janet Lindsay, a Realtor with Weichert Seaside Properties in Murrells Inlet, has sent about 350 direct mailings to people in
She said there are several things that make buying Grand Strand real estate more attractive to Canadians than ever: not only the strong loonie, but also dropping interest rates, relatively low home prices and direct flights that recent start-up Myrtle Beach Direct Air & Tours offer between
"Canadians were reluctant because it wasn't an easy trip to get here. It was expensive. You had to go from different hubs," Lindsay said. "Now that we have this direct, it's so easy."
Agents with Century 21 The Harrelson Group have advertised in newspapers in
The company has sold about seven to nine homes to Canadians over the past six months, the most it's sold to Canadians in the past five years, Harrelson said.
"They're definitely seeing the value," said real estate agent Jan Pitman. "They can't touch anything up there for the prices we have down here."
Average home prices in
A study conducted last year by the National Association of Realtors found that the bulk of homes Canadians bought in the United States - 46 percent - were in the South.
Many of those buyers were looking for properties they could rent out or vacation homes where they could later retire. They flocked mainly to the beaches and mountains, said Walter Molony, spokesman for the National Association of Realtors.
"When people are seeking second homes, those are the most popular destinations, by the water followed by the mountains, so you've got some attractive areas in both ends of [South Carolina]," Molony said.
Robin Scanga of
"I always, when I was down there, said it would be nice to have something of our own to go to," Scanga said.
It'll be a spot where family and friends can stay and they'll rent it out when they're not there, she said.
Like about 28 percent of foreign home buyers, she bought the $330,000 condo with cash. She said it was too expensive to get a mortgage here.
Roy Lipman, of
"It was not a happy occasion," Lipman said.
He ultimately found a good offer at RBC Centura, a subsidiary of the Royal Bank of
Unlike most
"We deal with a network of [Canadian] Realtors, and we get a lot of referrals from our Canadian parents. ... The phone rings a lot," Sides said.
Still, there can be additional closing costs that foreign buyers should be aware of, such as a 10 percent tax charged to foreign investors through the Foreign Investment Real Property Tax Act.
"They have to be careful and do their research to make sure they understand what their closing costs are going to be," said Tom Maeser, the Coastal Carolinas Association of Realtors market analyst.
If the loonie stays strong, experts predict continued sales to Canadian buyers, especially as Canadian baby boomers age and look for places to retire.
"There is definitely untapped potential," Lindsay said.
