Canadians have long embraced Florida as their home away from home, soaking up sunshine during the colder months. But as the economic climate shifts, many are rethinking their second properties, with countless Canadians opting to sell their homes and rethink their winter plans.
According to Florida-based real estate broker Alexandra Dupont, the weak Canadian dollar has compelled numerous clients to list their properties for sale. "The Canadian dollar is not at par with the U.S. dollar," noted Dupont. This downward trend has seen many snowbirds scrambling to offload their Florida homes, causing substantial shifts within the market.
One such snowbird, Cesidia Cedrone, has been enjoying the warm Florida winters since 2011. Now, she and her husband have decided to sell their Hallandale Beach condo. "Things changed so drastically... it’s cheaper for me to come here two months and rent," Cedrone explained. The couple's decision to sell was driven by the low value of the Canadian dollar, which currently trades for around 69 American cents, adding to their costs.
Along with the plummeting dollar, Cedrone highlighted other financial headaches, including soaring insurance premiums and property taxes. She revealed, "Insurance premiums have shot up over the years, costing me more than US$16,000 annually—ten times the rate when I bought it. And taxes have also jumped from about US$1,500 to nearly US$4,000 over the past decade and a half."
The influx of Canadian sellers has led to some alarming statistics. Between April 2023 and March 2024, Canadians comprised nearly one-quarter of foreign sellers, according to the National Realtors Association. This figure dramatically contrasts with the 11 percent from the previous year. Dupont's clients are primarily from Quebec and Ontario, and she finds herself juggling over 30 listings, doubling her typical workload.
Her father, Sylvain DuPont, also involved in their southeast Florida real estate business, commented, "I’ve never had this much work in the decade I've been doing this. We’re seeing properties linger on the market for 90 days or more, when they used to sell almost immediately." Sylvain noted the increasing inventory of unsold homes, with signs pointing to potential market collapse as panic sets among sellers.
Interestingly, the situation does not seem to be influenced by politics, even with the backdrop of shifting U.S.-Canada relations under President Donald Trump. "I don’t think it’s about politics; it’s about money, the economy, and inflation," Sylvain assured.
Recent natural calamities have exacerbated the real estate market's woes. Florida saw hurricanes Helene and Milton inflict over US$40 billion in insured losses last fall. Hurricane Ian, which hit the state in 2022, registered US$113 billion, making it the third-costliest storm ever recorded. Consequently, Florida homeowners now pay more than tripled national averages for property insurance, leading to widespread financial strain.
Laurie Lavine, another realtor whose clientele largely comprises Canadians, observed similar trends, stating many are reconsidering property ownership due to the rising costs of maintaining homes. He shared, "It’s costing them $20,000 a year just to have the property, between utilities and taxes and all the carrying costs of owning it." Lavine mentioned he would be handling eight listings from Canadian owners soon, also reflecting the surge and urgency to sell.
Not only stationary homeowners are feeling the pinch; the RV communities are experiencing reduced numbers as well. Lavine noted, "The RV park where I’m located is typically packed with Canadians and Americans escaping the cold. This year, it’s down about 30 percent due to economic burdens. People are choosing to travel instead of establishing roots here."
Cedrone also concluded about newer generations of Canadians, noting, "Younger couples prefer to roam, rather than stay put. They’re choosing to travel to places like Portugal or the Dominican Republic rather than being tied down to one location." This sentiment resonates with the shifting preferences among retirees, who are increasingly less interested in wintering at static homes.
Insurmountable costs, safety concerns from climate change, and changing lifestyle preferences are reshaping the snowbird phenomenon. Cedrone summed it up succinctly, pointing out, "We love this place. But it became clear it was time to let go." The challenges affiliated with maintaining Florida homes amid fluctuated currencies and overwhelming expenditures have ushered many Canadians toward novel alternatives for their winter escapades.
This report by The Canadian Press was first published on January 28, 2025. It highlights the crumbling dream of owning property under the Florida sun for many Canadians, forcing tough decisions and reflections for the future.