According to the Calgary Herald, Florida has seen the number of Canadian buyers quadruple in just three years.

"Clearly, they are taking advantage of our state's sagging real estate market," said Alan O'Neal the developer at the Magnolia Private Residence Club.

"And fractional ownership at Magnolia also appeals to Canadian residents because insurance, maintenance, and taxes are shared among the multiple owners -- alleviating the expenses second-home owners typically incur even though their residences are unoccupied for much of the year," says O'Neal.

Magnolia is located on Seacrest Beach in the Florida panhandle and has one eigth fractions in their 3 bedroom, 3 bathroom residences for $159,000.