Canadians have been buying up property in Miami like nobody's business.

It’s no mystery to Realtors in Miami that foreign investment has comprised a big chunk of the city’s recent surge in real estate, but a detail of that surge may surprise some.

Of all the foreign groups buying housing in Miami – an illustrious batch of luxury buyers that includes Venezuelans, Brazilians, Italians, Spaniards, Columbians and Mexicans – Canadians have been among the most active.

Indeed, Canadians made up the largest percentage of foreign buyers in 2011 (one study put that number as high as 70 percent), and as noted by Canadian Real Estate Magazine, the returns have been substantial. The median condo sales price, according to MAR, was up 46 percent in March from 2011.

Some other fascinating details:

• This is not necessarily a new trend; Canadians have been interested in the warmer climates and easier pacing of Miami for years, says Sarah Sheridan of Macken Realty, who’s current clientele is 80 to 90 percent foreign. “I’ve seen this trend for years,” she said.
• In data compiled by DataQuick, for nine out of 10 metropolitan areas with the highest percentage of foreign buyers, Canadians were among the top three buyers.
• In an Inman News analysis, buyers from Ontario were particularly active, ranking as the top Canadian province in six of those markets.
• Miami is not the only warm climate Canadians frequent – between May 2011 and January 2012, they accounted for more than 90 percent of sales in Phoenix and 73 percent in Las Vegas.

So if we should blame Canada for anything, it looks like it should be for saving some of the U.S.’ most distressed real estate markets!