Thinking of Buying A US Vacation Home?
Heading south to avoid the winter and thinking of scouting vacation homes to buy in the US? These changes may make you think twice.
If you’re a Canadian and you’ve traveled to the US since June 30, 2014, you may have noticed that your password was swiped both when you entered and departed, making it easier for both countries to enforce the requirement that Canadian residents not spend more than six months at a time in the US. Previously both Canada and the US only tracked when travelers entered their country; Canadian travelers were required to self-report their resident status & time spent out of the country.
According to the Financial Post’s columns Julius Melnitzer & Garry Marr, this new initiative, combined with the low Canadian dollar and increasing US home prices as their economy improves, is likely to hinder the ability of Canadian snowbirds to purchase vacation/retirement homes in the US. Many Canadians dreaming of a Florida vacation/retirement home may now have to work a bit longer than they wanted to, in order to buy in the US, and may not be able to spend as much time as they wanted to soaking up the sun.