A growing number of Canadian snowbirds are selling their Florida homes as the weak Canadian dollar and soaring insurance costs make ownership unsustainable.
Cesidia Cedrone, a retiree from Ontario, spent winters at her Hallandale Beach condo since 2011. But last week, she and her husband finalized its sale, citing financial strain.
“The Canadian dollar is not at par with the US dollar,” Cedrone said in an interview with The Canadian Press. “That was behind our major decision to sell.”
Surge in Canadian sellers
Canadians accounted for nearly a quarter of foreign home sales in Florida from April 2023 to March 2024, up from 11% the previous year, according to the National Realtors Association.
Quebec-based real estate broker Alexandra DuPont told The Canadian Press that she’s handling twice her usual workload, with more than 30 listings.
“I’ve never had this much in a decade,” DuPont said, noting that some properties now linger on the market for at least 90 days. Her father and business partner, Sylvain DuPont, warned that “inventory’s growing by the day” and predicted a possible market downturn.
While political shifts in the US may be a factor, brokers say economic concerns—particularly inflation and rising costs—are the primary drivers of the trend.
Rising insurance premiums, exacerbated by climate change and Florida’s susceptibility to hurricanes, have dramatically increased homeowners’ expenses.
Cedrone’s insurance costs soared to over $16,000 per year, 10 times what she initially paid. Property taxes, once $1,500 annually, now exceed $4,000. New building codes have also forced costly upgrades, prompting some homeowners to remortgage.
“In Canadian dollars, last week I paid $18 for 18 eggs,” Cedrone noted, underscoring the broader affordability challenges facing Canadians in the US.
Hurricanes have compounded the financial burden. Back-to-back storms in 2024 caused $40 billion in insured losses, while Hurricane Ian’s $113 billion damage in 2022 led to six Florida insurance companies shutting down. Florida homeowners now pay over three times the US national average in insurance premiums.
A changing snowbird culture
Beyond financial concerns, some retirees are moving away from long-term Florida stays in favour of varied travel experiences.
The shift is not limited to Florida. Arizona-based realtor Laurie Lavine has observed a similar trend among Canadian homeowners.
“It’s costing them $20,000 a year just to have the property, between utilities and taxes and all the carrying costs of owning a property down here,” he said. “They’re just not coming down as much as they want to because of the Canadian dollar.”
Even seasonal RV parks, once filled with Canadian snowbirds, are seeing a 30% decline in occupants.
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