Miami’s sun-soaked beaches, luxurious lifestyle, and vibrant real estate market make it a top destination for Canadian buyers looking for a vacation home, investment property, or even a permanent residence. The good news? Buying property in Miami as a Canadian is straightforward—if you know the process. Here’s everything you need to know about purchasing your dream home in Miami.

1. Can Canadians Buy Property in Miami?

Yes! There are no restrictions on Canadians or other foreign buyers purchasing property in Miami. Whether you’re looking for a beachfront condo, a luxury villa, or an investment property, you have the same rights as U.S. citizens when it comes to buying real estate.

2. Financing Options for Canadians

While many Canadian buyers purchase Miami properties in cash, mortgage options are available. Here’s what you need to know about financing:

• U.S. Mortgages for Canadians: Some U.S. banks offer mortgages to foreign buyers, but they typically require a larger down payment (30-40%). Interest rates and terms may also differ from what you’re used to in Canada.
• Canadian Home Equity Loans: Some buyers use home equity loans from Canadian banks to finance their U.S. property purchase.
• Pre-Approval: If you plan to finance, getting pre-approved before house hunting will strengthen your offer when bidding on a home.

3. Understanding Miami’s Real Estate Market

Miami’s real estate market is competitive and diverse. Here are a few top neighborhoods where Canadians often buy:

• Miami Beach – Ideal for waterfront living and vacation homes.
• Brickell – A hub for professionals looking for luxury condos in a bustling area.
• Sunny Isles Beach – Known for high-end oceanfront condos with resort-style amenities.
• Coconut Grove & Coral Gables – Perfect for buyers seeking a quieter, upscale residential area.

4. Additional Costs to Consider

When buying a home in Miami, be sure to account for these additional costs:

• Closing Costs: Typically 1.5% to 5% of the purchase price, covering title insurance, attorney fees, and other expenses.
• Property Taxes: Miami property taxes are around 1.5% of the home’s assessed value per year.
• HOA Fees: If purchasing a condo, factor in homeowners’ association (HOA) fees, which can vary widely based on amenities and location.
• Insurance: Flood and hurricane insurance may be required, especially for waterfront properties.

5. Legal & Tax Considerations for Canadians

While purchasing a home in Miami is relatively simple, there are some tax and legal considerations for Canadian buyers:

• U.S. Income Tax on Rental Properties: If you rent out your home, rental income is taxable in the U.S., but you may be able to offset it with deductions.
• FIRPTA Withholding Tax: When selling your Miami property, the Foreign Investment in Real Property Tax Act (FIRPTA) may require a withholding tax of 15%—but there are ways to reduce or avoid this with proper planning.
• Cross-Border Tax Planning: Consulting a tax expert familiar with U.S. and Canadian tax laws can help you navigate these issues efficiently.

6. How Long Can Canadians Stay in the U.S. After Buying a Home?

Owning a property in Miami does not automatically grant residency. Canadians can stay in the U.S. for up to six months per year under a B2 tourist visa. If you’re planning longer stays, you may want to explore visa options like the E-2 investor visa.

7. Managing Your Miami Property from Canada

Many Canadians use their Miami property as a part-time residence or rental investment. If you won’t be living there year-round, you may want to hire a property management company to handle maintenance, renters, and upkeep while you’re away.

8. Steps to Buying a Home in Miami as a Canadian

1. Set Your Budget & Financing Plan – Determine how you’ll fund your purchase.
2. Work with a Miami Real Estate Agent – A local expert can help you find the right property and navigate the process.
3. Find the Right Property – Visit Miami or arrange virtual tours to explore options.
4. Make an Offer & Negotiate – Your agent will help you submit a competitive offer.
5. Hire a Real Estate Attorney – While not required, a lawyer can help review contracts and ensure a smooth closing.
6. Complete the Closing Process – Finalize your purchase, sign the paperwork, and receive the keys to your dream home.

Final Thoughts

Buying a home in Miami as a Canadian is an exciting opportunity, whether you’re seeking a vacation getaway, investment property, or a future retirement home. With the right preparation, expert guidance, and understanding of the process, you can make a smart and seamless purchase in one of the most desirable real estate markets in the world.

If you’re ready to explore Miami properties, reach out to a real estate expert specializing in Canadian buyers to get started!