Many Canadian snowbirds who purchased Florida or Arizona properties 10-15 years ago are selling for significant profits due to soaring property values and a weaker Canadian dollar. However, experts warn against hasty decisions, suggesting potential for even greater gains in the future and the risk of regretting the loss of a valuable asset when political tensions ease.
Snowbirds selling off winter homes might see steep returns. But they’ll lose out down the line if not cautiousHarley Clark, a retiree from Ontario, hesitated for two years before selling his Naples, Fla., condo. Home association fees as well as maintenance costs had climbed for a while, including a recently proposed one-time charge of US$10,000“I was happy down there … it was just such a nice environment to be in,” Mr. Clark said. “But over the years it got worse and worse and worse.
Heather Dodok, a real estate broker licensed in both Florida and Ontario, says she’s personally seen property values in the Sunshine State surge 50 per cent in the past five years on sales she’s been involved in. A Florida home valued at US$144,464 a decade ago would be worth US$381,922 in 2023, a 164-per-cent jump, according to Architecture Lab. Prices climbed 142 per cent in Arizona over the same period.
“Many Canadian sellers have to sell because of affordability issues with the rising insurance, condo fees, property taxes and general inflation of the cost to vacation in Florida,” she said. The rush to sell can lead to losses, too. One of Ms. Dodok’s clients in West Palm Beach let go of a 2,100-square-foot luxury unit for about US$200,000 less than the selling price of similar units in the same building because they didn’t want to wait.
may exacerbate this. Even though many snowbirds turn a profit, a lot of properties are selling for less than the asking price, Ms. Dodok said. Steven Fernandez, a senior business development director at HSP Group who specializes in international operations for companies expanding globally and between the U.S. and Canada, said potential tariffs could lead to higher costs for developers importing building materials.
Finance SNOWBIRDS FLORIDA REAL ESTATE ARIZONA REAL ESTATE PROPERTY VALUES CANADIAN DOLLAR
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘They have a big impact’: Canadian snowbirds consider selling Florida propertiesA year of economic uncertainty and a weak Canadian dollar has some snowbirds reevaluating their travel plans and considering selling their vacation properties.
Read more »
Snowbirds and Trump: A Canadian Migration DilemmaThis article explores the phenomenon of Canadian 'snowbirds' who travel to the United States, particularly Republican-leaning states, to escape winter. It contrasts the anti-Trump sentiment among retired Canadians with the political landscape of their destination states, highlighting the economic impact of this migration on both countries.
Read more »
Canadian Snowbirds Flock Out of Florida as Loonie Plunges and Costs SoarThe Canadian dollar's decline and rising living expenses in Florida are prompting many snowbirds to sell their homes and seek more affordable winter getaways. Canadians are increasingly looking to rent temporary accommodations or explore alternative destinations like Portugal, Mexico, and the Dominican Republic.
Read more »
Weak loonie, ballooning insurance costs drive Canadian snowbirds to sell Florida homesPeople walk along the beach in Surfside, Fla. on Dec. 17, 2024. Canadian snowbirds are scrambling to sell their homes in Florida amid a weak loonie and high insurance costs.
Read more »
Canadian Winter Skating Tradition Threatened by Climate ChangeWarmer winters due to climate change are disrupting the traditional Canadian experience of skating on rivers and ponds.
Read more »
Canadian News Roundup: Winter Weather, Crime & PoliticsThis news roundup covers a range of stories from across Canada, including severe weather warnings, recent criminal cases, political developments, and lifestyle trends. From a polar vortex threatening the country to a man being re-arrested for stabbing a stranger, this collection of news highlights the diverse events shaping Canadian life.
Read more »