When Brian Campbell first heard about an eight-bedroom home for sale in the Canadian resort community of Mont-Tremblant, the Miami-based businessman dismissed the idea. He already owned one rental property in the area and he wasn’t in the market for another.

But he changed his mind after looking at the numbers more closely—including the price in American dollars. “I said ‘Holy moly, you’ve got to be kidding me,’” Mr. Campbell recalled. “In Miami our prices have all doubled, and this, it’s a gift.”

The Canadian dollar, known as the loonie for the engraved bird on its back, fell sharply against the U.S. dollar in 2015 and the early part of this year. Although it has regained some of its value in recent weeks, the loonie is still about 24% below its early 2013 levels, when the two currencies were close to par.

For many Americans this means bigger bargains in Canada’s vacation home market. While Canada doesn’t track data on home buyers’ citizenship, Realtors in many resort communities have noticed a surge in American visitors over the past year. They say more Americans are now returning to purchase vacation homes.

“All of a sudden the phone has started ringing,” said Christopher Vincent, with Sotheby’s International Realty Canada in Canmore, Alberta, a small community located about an hour from Calgary and 15 minutes from Banff National Park. “It’s been almost a decade since we’ve seen any significant interest from the U.S. market.”