Hawaiian idyll: Canadians finding bargains in the Aloha State
According to an article written by Grania Litwin, PostMedia News and seen online at www.Canada.com, "Snorkelling, swimming, surfing and suntanning aren't the only reasons Canadians visit Hawaii these days.
They're saying aloha to condos and homes that have plummeted in price as much as 60 per cent since January 2008, while the Canuck buck soars. Why buy a cottage on a lake in Canada when you can be on a beach with gardenia-scented breezes?
``What's really driving the market is foreclosures,'' says Re/Max Resort Realty's Howard Dinits, who lives on Maui.
``Many island properties here were bought as second homes by speculators in the States. In the economic downturn, people used revenue from these holiday rentals to make payments on their main homes - then they defaulted on the island properties.
``In some areas prices have dropped 40 to 60 per cent and it's as bad as Phoenix.''
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