Back in September 2015 we wrote a prediction that the change in currency exchange rates would signal a favorable time for Canadians owners to sell their Maui condos, now we have some statistics showing a significant increase in the number of South Maui condos being sold by Canadians.
Rate of Canadian owned condo sales almost doubles
We did a deep dive and reviewed the sales records for every single South Maui condo sale from January 1 through March 11 of 2016. This included Wailea condos as well as Makena condos and Kihei condos. We found that 18 out of the 101 condo sales in 2016 were sold by Canadian owners which means that we are currently seeing a rate of 17.82% of Canadian divestment in the South Maui condo market.
This is a significant increase from the rate of Canadian divestment in the same period of 2015. For last year, only 9 out of 99 South Maui condo sales were Canadian owned which represented a much lower 9.09% divestment rate in 2015.
Why are more Canadians selling their Kihei and Wailea condos?
As we previously reported, the main factor is the change in the exchange rate between the Canadian Loonie and the American Dollar. Back in 2011 and 2012 many Canadians flocked to invest in Maui vacation condos at a time when the CAD$ was at parity (equal value) with the USD$.
Starting in January 2013 we started to see a significant decline in the Canadian dollar against the US dollar, as of March 21st $1CAD is worth about $0.76USD on the foreign exchange market. Canadians are starting to realize that selling could represent a decent financial gain both because of appreciation in the Maui market and because converting their US assets will potentially bring home more Loonies.
Which condos are Canadians selling?
Canadian owners have been selling their Wailea condos at Grand Champions, Wailea Ekahi and Wailea Palms. In Kihei they have been selling units at Kauhale Makai, Luana Kai, Maui Banyan, Maui Kamaole and Maui Vista.
Contact a Maui Real Estate and Lifestyle Specialist
Ho’olei villas, we are also currently the in house “Sayles” team at Ho’olei Grand Wailea
Please interview me to be your trusted Maui Real Estate and Lifestyle Advisor. I was born and raised on the island, and spend a considerable amount of time to inform my clients about the best deals currently on the market. Please do not hesitate to call me for your Maui real estate needs. I am more than happy to assist you in your home search.
Anthony Sayles R(S)