Ellicottville, NY has always been a popular spot for Canadian skiers. Ellicottville is just two and a half hours south of Toronto, two hours from Oakville and less than an hour and a half from the St Catharines/Niagara region. For many Canadians living in South West Ontario, Ellicottville is not only closer than the ski resorts in Collingwood, it is also an easier drive.
It is perhaps no surprise then, that Canadians have been among the most avid buyers of property in Ellicottville. Approximately 30% of buyers for the Ellicottville Real Estate market are Canadian. In the last few years, however, that market has been greatly affected by the strength of the US Dollar and the comparative weakness of the Canadian Dollar. In large part this has been caused by the decline in the oil price and commodity market in general.
That trend is now reversing, however as you can see from the chart below courtesy of xe.com.
The currency touched a low of 68.76 cents back in January 2016 and since then it has recovered and closed on August 27th back above the 80 cent mark at 80.18 cents, a 16% increase. In 2017, it is up 7.5% and 2.5% in the last two weeks alone. For buyers from Canada, that means that an Ellicottville home for sale is 16% less expensive in Canadian funds than it was in 2016. On a $400,000 house, that is a saving of over $60,000.
Other good news for Canadian buyers looking to buy their Ellicottville home at 42 Degrees North is that 42 Degrees North is owned by Delma Resorts which owns other resorts in Canada such as Blueberry Lake Resort in Canada. Buyers at 42 Degrees North can exchange stays in their Ellicottville property for stays at Delma Resorts’ other projects.
Where the currency goes from here depends on what happens to commodity prices, whether Canada can maintain its recent robust economic growth and many other factors, but for the time being, for Canadian buyers looking to secure an Ellicottville property, it’s as good a time to buy as it has been in the last two years.