# Snowbirds cashing in US homes



## james4beach (Nov 15, 2012)

CBC article: Falling loonie has some Canadian snowbirds selling their U.S. homes

Apparently Canadian snowbirds are selling their US homes, cashing out, and bringing the money home. Man oh man I hope they've heard of the Gambit.

Imagine converting 400k ... the gambit could easily save you $10,000 just in forex fees. Can you imagine??


----------



## AlexM1359 (May 19, 2015)

This is definitely rough for Canadian investors, our dollar isn't going as far anymore. Working in the Forex market myself, these last few month's it has been an uphill battle with the low Canadian dollar.


----------



## Eclectic12 (Oct 20, 2010)

^^^^

Maybe ... but then again, I lived through when it was $1.40+ to buy a USD so relatively speaking, today doesn't seem all that bad. :biggrin:



Cheers


----------



## My Own Advisor (Sep 24, 2012)

This article reminds me that renting a place is the way to go. No headaches like this to deal with, let alone foreign tax issues. 

I wonder if others will eventually follow suit or ride it out? Keeping your place Ihatetaxes? Where is your place? Do you find the tax issues a PITA?


----------



## Ihatetaxes (May 5, 2010)

My Own Advisor said:


> This article reminds me that renting a place is the way to go. No headaches like this to deal with, let alone foreign tax issues.
> 
> I wonder if others will eventually follow suit or ride it out? Keeping your place Ihatetaxes? Where is your place? Do you find the tax issues a PITA?


What headaches? 10 minutes of conversation with my accounting firm's US tax specialist? Yes I have to track all my expenses but I'm already doing it for three other businesses (two I own and one I run) and love my excel spreadsheets so I don't view it as any form of headache. Just another business opportunity.


----------



## Numbersman61 (Jan 26, 2015)

I bought a foreclosed condo in the Phoenix area in Jan 2011 when dollar was at par. Paid $190,000 (original price $380,000) - identical unit now selling for over $300,000. Some Canadians who bought at low prices are looking at taking profits but I won't be selling. Rental rates have increased dramatically - identical furnished unit rental rate in 2011 winter was $2,500 per month; the rate last winter was $4,000 per month.
This is a personal property, no rental so no tax issues.


----------

