A growing number of Canadian snowbirds are selling their Florida properties as soaring insurance costs and a weak Canadian dollar make homeownership in the US increasingly unsustainable, according to a report from Money.ca.
Florida’s insurance market has been in crisis, driven by rising claims from hurricanes and severe storms. Insurers have responded by sharply increasing premiums, with some homeowners seeing their annual costs more than triple. Others have struggled to find coverage as major insurers pull out of the state, forcing property owners to rely on last-resort providers at even higher rates.
For many Canadians who once enjoyed affordable winters in Florida, the financial strain has become untenable. On top of soaring insurance costs, property taxes and condo fees have risen, particularly in popular retirement communities. Some homeowners report that their total expenses have doubled in recent years.
The impact is being reflected in the real estate market. 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 significant increase from the previous year. Realtors report that more Canadian-owned properties are hitting the market, leading to longer selling times and growing inventory.
Beyond rising costs, some snowbirds are questioning whether Florida remains a viable long-term destination. A series of destructive hurricanes has led to billions of dollars in insured losses, further destabilizing the insurance market. In some cases, homeowners have been left without coverage altogether as insurers exit high-risk areas.
Political uncertainty has also added to concerns. Donald Trump’s return to the White House in 2025 has raised questions about potential policy changes that could impact Canadian homeowners, including tariffs and cross-border regulations.
With costs continuing to rise, some Canadians are considering alternatives. Renting instead of owning, shortening trips, or exploring destinations in Mexico, Central America, and even southern British Columbia are among the adjustments snowbirds are making.
Despite the challenges, Garry McDonald, president of the Canadian Snowbird Association, believes many will adapt rather than give up their winter lifestyle.
"The snowbird market is less sensitive to changes in currency when compared to the traditional leisure travel market," McDonald told CBC News. "I think you'll see Canadian snowbirds adapt, as they always have, and make the necessary changes in their discretionary spending."
For now, insurance remains one of the biggest obstacles for Canadian snowbirds. Whether this trend signals a temporary shift or a long-term decline in Canadian homeownership in Florida remains to be seen.
