Anna Giampa’s Blog

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Snowbirds Audio Story

Every year thousands of snowbirds migrate to warmer climates to escape the wrath of Canadian winters and to enjoy the many benefits of sun, sea and sand in U.S. Sunbelt States like Florida.

Mike McKenzie is the Communications Director for the Canadian Snowbirds Association.  He describes the stereotypical snowbird.

IN:               “From our perspective it’s somebody who typically…”

RUNS:           0:08

OUT:            “…typically, in the southern United States.”

In most cases, the snowbird lifestyle starts after retirement, when busy work days are replaced by days at the beach or on the golf course. But, according to McKenzie, the snowbird has evolved…

IN:               “We’re seeing younger folks; I think the big reason…”

RUNS:           0:21   

OUT:            “…so it’s getting younger.”

SFX: fax, Blackberry, phone

While Florida continues to welcome large senior populations from all corners of the continent, other Sunbelt States like Arizona, Texas and Georgia are actively marketing to younger Canadians as being more affordable and more exotic alternatives.

IN:               “In Arizona, the property taxes are based on…”

RUNS:           0:14

OUT:            “…starting to see a trend, slowly, towards Arizona.”

The younger snowbirds are the ones taking advantage of property bargains across the United States, but when it comes to Florida, seniors will always have their place in the Sun.

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I had trouble accessing the audio portion of the Washington Post soundslides but I viewed it and I found the images captivating.  The brief captions on individual images were useful in focusing the viewer’s attention.   However, the captions gave the slideshow a “factual” feel, which somewhat detracts from its ability to impact the viewer in a meaningful way.

I liked that there was an option to view the slideshow or view individual images and captions; however, the slideshow didn’t load properly so I wasn’t able to test that option.

Generally, the images accurately represented the deportation experience of immigrants in the U.S. and the close shots of subjects were especially effective.

The New York Times soundslides was equally impressive.  The use of narration in lieu of captions was particularly appropriate for the images of children and elderly people as these photos were quite moving; having to read captions would probably be distracting. 

It was interesting to see that both journalists opted for black and white photos, which made the slideshows more “artistic”.   

I also viewed the piece from the Independent Florida Alligator and I enjoyed it.  I thought the colourful photos were striking and the use of sounds (bagpipes, dogs, horses) to complement the narration was very well done. There were no captions in this slideshow but I don’t think captions would have added any value to the piece since the story was simple and effectively depicted with the images and sounds.

I don’t know which approach will work better for my project since my subject does not really have a human element that merits a moving visual representation. I believe that images with narration and captions will be more effective than narration and sounds since my material is of a factual nature.  However, I’d like to experiment with both formats to determine which one works best.

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Despite the growing number of Canadians voraciously swooping in on Florida’s distressed real estate market, some snowbirds eager to snatch up beachside bargains have their wings clipped when it comes to obtaining financing on their home in the U.S. 

According to a survey by the Florida Association of Realtors (FAR), Canadians now lead the list of foreign real estate buyers in the Sunshine State, accounting for 27 percent of home sales in the state, up significantly from just seven percent in 2005.

This is due in large part to the enticing recessionary deals now available on the market.  According to FAR, the statewide median sales price for existing condos was $130,600 last December, down 32 percent from December 2007 when it was $192,600. Prices have dropped 36 percent since the peak of the housing boom in 2006.

Most Canadians are not aware of the key differences in mortgage financing processes in the two countries.  According to realtors and mortgage specialists, the biggest challenge for Canadians seeking financing in America is time.  While the mortgage approval process normally takes between five and 10 days in Canada, it could take up to 60 days to get a mortgage in the U.S.

Prior to approving a loan U.S. banks verify more information and prepare more elaborate documentation than their Canadian counterparts.  American mortgage regulations and requirements are also more severe. Applicants must meet more demanding criteria when it comes to their income level, liquidity and credit report ratings.

One major component of the lengthy approval process is credit verification.  While U.S. banks accept Canadian credit reports, they often have to investigate beyond what is provided therein. For example, in Canada, long-term liabilities are not listed on credit reports so any information provided about mortgages on Canadian properties must be properly validated by the applicant’s home bank.  

There are also key differences in pricing of mortgage rates.  In Florida, interest rates are not locked in until after the formal loan application has been signed. The posted interest rate is also the best available rate.  In Canada a rate can be secured at the initial quotation stage and it can be discounted with minimal negotiation.  Interest can be a significant expense for homeowners and snowbirds planning to use a Florida investment as a passive income vehicle should be aware that interest expense paid on a U.S. mortgage is not tax deductible.

Many U.S. banks treat Canadians as foreign nationals which require them to make larger down payments and absorb higher borrowing rates than Americans.  Some financial institutions, like RBC Bank, offer Canadians the same financing terms available to U.S. residents.  This means that Canadians can benefit from higher loan to value ratios and competitive interest rates.   

Canadian mortgages are very flexible: they are switchable, assumable, portable and open to add-ons. 

Switching entails moving a mortgage to another lender upon renewal of a term and is often done in order to benefit from lower interest rates or better loan conditions provided by a competing institution.  On the other hand, if the buyer of a property takes over the conditions of the seller’s mortgage, accepting the balance owing at the existing interest rate, the mortgage is said to be assumed by the new home owner. 

Furthermore, when deciding to buy a new home or refinance a current home Canadians can transfer their existing fixed interest rate, loan balance and maturity date to their new mortgage.  And borrowers can add on features like life and disability insurance or a line of credit to an existing mortgage at any time.

In Florida, mortgages are not switchable, assumable or portable and they do not permit add-ons of any nature.  Canadians who are accustomed to these features may be unpleasantly surprised by the differences.

So, rather than winging it, Canadians intent on investing in Florida should consider the potential obstacles of obtaining a mortgage before heading south.

Sources

http://www.floridarealtors.org/

http://www.cmhc-schl.gc.ca/

http://www.ruthbethem.com/Canadian-Florida-mortgage.htm

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