United States
Vacation homes, family bases and tax-loss rentals. The only market on this list where Canadians can borrow at home-country credit levels.
- Canadians can buy US property with no citizenship, residency or visa requirement, in any state.
- Buying grants no immigration status whatsoever — the standard visitor limit still applies.
- Total buying costs run roughly 2–5% of the purchase price (see the three-country comparison below).
- Foreign-national mortgage premium (RBC): 1–2% of the loan amount. Detail lives under Financing.
- Insurance in South Florida is a real and rising carrying cost — quote it against a specific address before offer.
- Florida: effective rate averages roughly 0.9% statewide, about $3,494 for a typical homeowner. Set county by county. Florida has no state income tax.
- Arizona: much lower. County effective rates run roughly 0.36%–0.65% (Pima highest, Coconino lowest). Phoenix has one of the lowest median monthly property tax bills of any large US metro.
- RBC Bank approves Canadians in all 50 states using Canadian credit history, with 20% down plus closing costs, 3/5/7/10-year terms amortised over 30 years, and remote closing from Canada. No lender fees. A foreign-national premium of 1–2% of the loan amount typically applies.
- Other foreign-national lender programs run 25–40% down, rates roughly 0.5–2% above what a US citizen would pay on the same property.
- DSCR loans — qualified on the property’s rental income rather than personal income — are common for Canadians buying US rentals.
- A US mortgage closes in about 40–45 days.
| Market | Typical price |
|---|---|
| Florida statewide median | ~$378K–$396K |
| Miami (all homes) | ~$594K median · condos ~$414K · single-family ~$680K |
| Fort Lauderdale | ~$659K |
| Tampa Bay (single-family) | ~$424K, flat for about two years |
| Orlando | ~$340K |
Figures as at August 2026, confirm before you rely on them. Miami is shifting toward buyers in 2026 — inventory up, around 108 days on market, condo supply around 12 months. Insurance costs in South Florida are a real and rising carrying cost.
- T1135 foreign-property reporting is required if the total cost of specified foreign property exceeds CAD $100,000 at any point in the year — based on cost, not market value.
- A personal-use vacation home is exempt from T1135. The moment you start renting it out, it isn’t.
- All foreign rental income is taxable in Canada regardless of tax paid abroad; a foreign tax credit may offset it.
- Currency alone can create a Canadian tax bill: buy at USD $300K when the rate is 1.25 and sell at USD $300K when it’s 1.40, and you have a $45,000 capital gain in Canada despite breaking even in dollars.
- A foreign property can be designated as principal residence — but only one property per family per year, so designating the Florida condo exposes the Ontario house for those years.
When a non-US person sells US real estate, the buyer must withhold a share of the gross sale price — not the profit — and send it to the IRS within 20 days of closing (Forms 8288 / 8288-A). Default: 15% on any price over $1M, or where the buyer isn’t using it as a residence. 10% for buyer-occupied $300,001–$1,000,000 with an affidavit. 0% at $300,000 or under. 15% on vacant land, no exemption. It’s a prepayment recovered by filing a 1040-NR with an ITIN — refunds commonly take 12–18 months. Filing Form 8288-B before closing can reduce withholding to actual expected tax; start about 90 days ahead. Concrete: sell a $600,000 Florida condo, $90,000 goes to the IRS at closing even if your actual gain was $40,000.