Canadians interested in buying a second home in the U.S. should certainly consider taking advantage of today’s market, says Sherry Cooper, chief economist for BMO Capital Markets.

Although the Canadian dollar has fallen off a bit from its high of $1.10 (U.S.) back in November 2007, it’s still strong at around $0.93 [as of Sept. 9, 2008]. Combine that with the drop in U.S. house prices and you get a good market for homebuyers, notes Cooper, who recently bought her own vacation property in Sarasota, Fla. 

“But you can’t time the markets exactly,” she warns. “Home prices in the U.S. may continue to fall until mid-to-late 2009.” 

Cooper cautions against buying on impulse and advises taking the time to do some careful research. In her case, the Sarasota area was familiar ground because her mother had wintered there for many years. The bottom line: No matter how good a bargain, it will only be a great buy if it ends up being what you truly wanted.

-The Toronto Star (September 27, 2008)

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