This website collects cookies to deliver better user experience. Cookie Policy
Accept
Sign In
The Wall Street Publication
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Reading: Weak loonie, ballooning insurance coverage prices drive Canadian snowbirds to promote Florida properties
Share
The Wall Street PublicationThe Wall Street Publication
Font ResizerAa
Search
  • Home
  • Trending
  • U.S
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
    • Markets
    • Personal Finance
  • Tech
  • Lifestyle
    • Lifestyle
    • Style
    • Arts
  • Health
  • Sports
  • Entertainment
Have an existing account? Sign In
Follow US
© 2024 The Wall Street Publication. All Rights Reserved.
The Wall Street Publication > Blog > World > Weak loonie, ballooning insurance coverage prices drive Canadian snowbirds to promote Florida properties
World

Weak loonie, ballooning insurance coverage prices drive Canadian snowbirds to promote Florida properties

Editorial Board Published January 28, 2025
Share
Weak loonie, ballooning insurance coverage prices drive Canadian snowbirds to promote Florida properties
SHARE

Cesidia Cedrone has been absorbing the rays at her Florida apartment each winter since 2011.

“Sunshine all the time. Don’t have to shovel snow. The beach, the sand …” the Ontarian mentioned from her second residence in Hallandale Seashore, midway between Miami and Fort Lauderdale.

Final week, her retirement reverie got here to an finish as Cedrone and her husband signed the closing papers on their residence sale.

“Things changed so drastically. The Canadian dollar is not at par with the U.S. dollar,” she mentioned. “That was behind our major decision to sell.”

Different causes performed a task too — larger insurance coverage charges, taxes and apartment charges.

“For us Canadians, it’s a double whammy,” Cedrone mentioned, pointing to a loonie that trades for roughly 69 American cents, on high of rising upkeep prices.

“We love this place. But it came to a point now — we are in our 70s — and it’s cheaper for me to come here two months and rent.”

Cedrone isn’t alone. Many snowbirds are scrambling to promote their properties in Florida as a weak loonie and excessive insurance coverage prices drive a Canadian exodus from the sunshine state.

Canadians made up almost one-quarter of international sellers in Florida between April 2023 and March 2024 versus 11 per cent in the identical interval a 12 months earlier, based on a Nationwide Affiliation of Realtors report.

Actual property dealer Alexandra DuPont, who sells properties largely to Quebecers in southeast Florida, says she’s juggling twice her typical workload with 30-plus listings.

“I’ve never had this much in a decade. I picked up three new listings on Monday. That’s never happened to me in one day,” she mentioned final week.

Properties used to final in the marketplace for a day or two earlier than being snapped up, mentioned her father and actual property associate, Sylvain DuPont.

WATCH | Canadian snowbirds promoting their Florida properties: 

Canadian snowbirds promoting Florida properties over excessive prices, weak greenback

Florida based mostly actual property dealer Alexandra Dupont says a few of her Canadian purchasers are promoting their properties in Florida as a result of decline of the Canadian greenback.

“Now the minimum in southwest Florida is 90 days, and they’re still not selling. Inventory’s growing by the day,” DuPont mentioned, noting most of his purchasers are Ontarians and Quebecers.

“We feel that the market is going to collapse pretty soon. People are panicking now.”

As for whether or not Donald Trump’s return to the White Home helped drive away householders — the U.S. president has taken an aggressive stance on Canada, threatening across-the-board tariffs and calling its sovereignty into query — Sylvain DuPont echoed the observations of a number of brokers and sellers: “I don’t think it’s about politics; it’s about money, the economy, inflation.”

Residents and actual property brokers say the upper value of dwelling, danger of harm from pure disasters and a rising style for journey to totally different locations every winter account for the flight from Florida.

The Canadian greenback has been hovering under 70 cents US in current weeks, persevering with a decline that kicked off in early October due to a slower tempo of fee cuts by the U.S. Federal Reserve.

“In Canadian dollars, last week I paid $18 for 18 eggs,” Cedrone mentioned.

However departures by Canadians had been choosing up even earlier than that slide.

Insurance coverage premiums have shot up in recent times due to extra excessive climate, costing Cedrone greater than $16,000 US a 12 months — 10 instances the speed when she first purchased the property.

She additionally paid almost $4,000 US in taxes versus $1,500 US a decade and a half in the past.

In the meantime, property upgrades required by stricter constructing codes meant residents needed to cough up 1000’s extra over the previous few years, forcing the couple to remortgage their second residence.

Questions on security in storm-prone areas

Some would like to roam slightly than roost.

“Younger couples or people, they want to travel. They’ll spend a winter in Portugal, or they’ll go to Miami, they’ll go to Mexico, or they’ll go to the Dominican Republic,” mentioned Sylvain DuPont, referring to newer retirees.

“Buying a place in Florida is like our grandparents and our parents used to do. The youngsters, they don’t do so anymore,” he mentioned. “They don’t want to be in the same place.”

Particularly in sure locations.

Final fall, hurricanes Helene and Milton tore via Florida, inflicting almost $40 billion US in insured losses. The full amounted to 63 per cent of all insured losses brought on by extreme storms throughout the globe final 12 months, based on a brand new report from reinsurance dealer Gallagher Re.

These back-to-back cyclones adopted Hurricane Ian in fall 2022. The hurricane’s $113 billion US in damages made it the third-costliest storm within the nation’s historical past. Six Florida insurance coverage carriers folded the next 12 months.

WATCH | ‘Once-in-a-lifetime’ storms would possibly come extra typically than that: 

Why ‘once-in-a-lifetime’ storms is perhaps coming greater than as soon as

How the identical storm that introduced once-in-a-lifetime snow to the Gulf Coast additionally introduced once-in-a-lifetime hurricane winds to the U.Okay.

Householders in Florida now pay greater than thrice the nationwide common to insure their properties, based on the Insurance coverage Data Institute, making Florida the most expensive residence insurance coverage state within the U.S.

Other than the impact of local weather change on premiums, there’s additionally the query of security and a perpetual sense of precariousness in storm-prone areas.

“I ain’t going nowhere that’s got hurricanes,” mentioned Laurie Lavine, an Arizona-based actual property agent whose clientele consists largely of Canadians.

A former Albertan, Lavine mentioned most purchasers share his sentiments.

Nonetheless, he’s noticed a current surge in listings from Canadians in his desert state just lately. Once more, expense is the underside line.

“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. They’re just not coming down as much as they want to because of the Canadian dollar,” he mentioned.

Lavine mentioned he’ll be dealing with eight listings — all Canadian-owned — within the subsequent few weeks, twice his typical load.

Neither is the departure strictly from stationary properties.

“The RV park that we’re in is normally full of Canadians and Americans from cold weather places,” he mentioned from the Phoenix space. “This year it’s down 30 per cent.”

TAGGED:ballooningCanadiancostsdriveFloridahomesInsurancelooniesellsnowbirdsweak
Share This Article
Twitter Email Copy Link Print
Previous Article Trump shutdown order leaves thousands and thousands confused about Medicaid advantages Trump shutdown order leaves thousands and thousands confused about Medicaid advantages
Next Article CFB recruiting: Pittsburg star Jamar Searcy commits to Wake Forest CFB recruiting: Pittsburg star Jamar Searcy commits to Wake Forest

Editor's Pick

JPMorgan unveils its 2025 summer season studying record

JPMorgan unveils its 2025 summer season studying record

JPMorgan Chase Chairman and CEO Jamie Dimon on the significance of management abilities, deregulation coverage, power independence and the Federal…

By Editorial Board 4 Min Read
Man shot and killed on one hundredth Avenue in Oakland on Saturday
Man shot and killed on one hundredth Avenue in Oakland on Saturday

Oakland police are investigating the loss of life of a person, 34,…

1 Min Read
Japan to Start Medical Trials for Synthetic Blood This 12 months
Japan to Start Medical Trials for Synthetic Blood This 12 months

credit score – Adrian Sulyok on Unsplash Japan is the primary nation…

4 Min Read

Oponion

Nissan will increase job cuts to 20K by 2027

Nissan will increase job cuts to 20K by 2027

Take a look at what's clicking on FoxBusiness.com. Japanese carmaker…

May 13, 2025

Netflix Plunge Deepens Nasdaq’s Correction

Plunging shares of Netflix Inc. NFLX…

January 21, 2022

Stock Futures Weaken After Evergrande Payment Deadline Passes

U.S. stock futures wavered and bond…

September 24, 2021

The 2025 BMW X5 M Competitors SUV

What's an X5? The X5 is…

May 11, 2025

20 Cool Footwear For Males – Informal and Formal Picks For 2025 | Fashion

We independently consider all beneficial services…

February 14, 2025

You Might Also Like

The startling similarities the Oklahoma Metropolis Thunder share with the NBA’s final dynasty
World

The startling similarities the Oklahoma Metropolis Thunder share with the NBA’s final dynasty

Zach KramMay 30, 2025, 08:00 AM ET Shut Zach Kram is a nationwide NBA author for ESPN.com, specializing in short-…

17 Min Read
Former Trump supporter Pamela Hill refuses and returns her Jan. 6 pardon
World

Former Trump supporter Pamela Hill refuses and returns her Jan. 6 pardon

Amid the wave of pardons and commutations President Trump has doled out to a few of his supporters and surrogates,…

5 Min Read
Local weather activist Greta Thunberg and “Game of Thrones” actor Liam Cunningham be a part of help ship crusing to Gaza
World

Local weather activist Greta Thunberg and “Game of Thrones” actor Liam Cunningham be a part of help ship crusing to Gaza

Local weather campaigner Greta Thunberg and 11 different activists set sail for the Gaza Strip on Sunday afternoon, aboard a…

6 Min Read
Assault close to support supply level killed greater than 30 folks, Gaza well being officers say as truce talks falter
World

Assault close to support supply level killed greater than 30 folks, Gaza well being officers say as truce talks falter

Greater than 30 folks have been killed and scores have been wounded on Sunday after an assault close to a…

7 Min Read
The Wall Street Publication

About Us

The Wall Street Publication, a distinguished part of the Enspirers News Group, stands as a beacon of excellence in journalism. Committed to delivering unfiltered global news, we pride ourselves on our trusted coverage of Politics, Business, Technology, and more.

Company

  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • WP Creative Group
  • Accessibility Statement

Contact

  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability

Term of Use

  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices

© 2024 The Wall Street Publication. All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?