Canadian snowbird retirees are being forced to sell their Florida homes amid skyrocketing insurance costs, plunging loonie — is this temporary or long-term exodus from the Sunshine State?

Rising costs are forcing snowbirds to sell

The weak Canadian dollar, now hovering around 69 US cents, has significantly reduced buying power for snowbirds. In addition, skyrocketing property insurance rates — driven by severe storms and hurricanes — have made homeownership unsustainable for many.

Cedrone, for example, saw her insurance costs climb from a few thousand dollars a year to a staggering $16,000, annually.

“It was shocking,” she explained to CBC News. “We love Florida, but we had no choice.”

Beyond insurance, property taxes and condo fees have also surged, particularly in sought-after retirement communities. Some homeowners report that maintenance fees alone have doubled in recent years.

According to the National Association of Realtors, Canadians accounted for nearly 25% of foreign home sales in Florida between April 2023 and March 2024 — a sharp increase from the previous year.

Real estate agents say that more Canadian sellers are entering the market, leading to longer selling times and a growing inventory of available properties.

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A perfect storm: Weather and politics adding to uncertainty

For many snowbirds, the decision to sell is also about growing concerns over Florida’s future.

Recent hurricanes have caused billions in insured losses, further driving up premiums. Some homeowners are even struggling to find insurers willing to cover their properties.

Additionally, Donald Trump’s return to the White House in 2025 has sparked unease among Canadian homeowners, especially given his past tariffs and trade tensions with Canada.

Some fear that new policies could make it even more difficult or expensive for Canadians to maintain properties in the US, creating plenty of uncertainty for snowbirds.

A long-term shift in snowbird trends?

People are wondering if this could mark the beginning of a long-term decline in Canadian homeownership in Florida, California and Arizona — states where Canadians have traditionally purchased properties, particularly for the winter.

Perhaps they may look beyond the US to places like Mexico and Central America or even southern parts of British Columbia as alternatives to buying in the US.

But in the face of the Canadian dollar trading at a four-year low against the US greenback, if the dollar alone is what is triggering home sales, Garry McDonald, president of the Canadian Snowbird Association, says many will likely stick it out.

"The snowbird market is less sensitive to changes in currency, when compared to the traditional leisure travel market," McDonald told CBC. "I think you'll see Canadian snowbirds adapt, as they always have, and make the necessary changes in their discretionary spending.

"In the early 2000's, the Canadian dollar bottomed out at 62 cents US and that certainly did not stop snowbirds from heading to their winter homes. We expect more of the same this season as snowbirds make their annual trips stateside."

Of course, the political uncertainty lingers and, if that doesn't change or gets worse, many snowbirds may follow suit and sell their Florida homes. For those who worry only about the financial management of maintaining their winter homes, there are options that could free up some cash.

Ontario Blue Cross says the lower dollar has forced snowbirds to reassess their budgets. Although snowbirds have some fixed costs, they will be able to make up some of the difference in the variable costs.

According to Ontario Blue Cross, here are some ways snowbirds are making adjustments to their winter travel plans:

• Shorter travel: Rather than planning to head south for five months, snowbirds may cut their trip a bit short and go for three or four months instead.
• Less expensive destinations: Rather than going to their usual destination, snowbirds may spend more time looking for more affordable locations to visit.
• Save in other areas: Snowbirds can cut back in areas such as dining and entertainment. Cooking more meals at home, spending less time at the golf course and looking for more affordable entertainment options can help cut costs.
• Renting: If snowbirds own property down south, they may look for more opportunities to rent their property to make up some of the difference.