Feb 20, 2026
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For years, Ontario retiree Cesidia Cedrone and her husband escaped Canada’s brutal winters by retreating to their cozy Florida condo. But now, instead of packing their bags to seek out some sunshine, these Canadian snowbirds have packed up their Florida condo — for good.
“Things changed so drastically,” Cedrone told CBC News (1). From a weakened Canadian dollar to rising insurance and condo fees, the decision to sell seemed logical. As Cedrone explained: it just didn’t make sense anymore for the couple to live part-time in the U.S.
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Cedrone and her husband are not alone. A growing number of Canadian snowbirds, once drawn to Florida’s warm climate and affordable properties, are now selling their homes as financial and political factors make the dream of wintering in the Sunshine State increasingly unattainable.
Rising costs are forcing snowbirds to sell
The weak Canadian dollar, now hovering around US$0.74, 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 explains how her annual insurance costs climbed from a few thousand dollars to a staggering US$16,000 a year.
“It was shocking,” she explained to CBC News (2). Despite her love for Florida and the friends she made in the Sunshine State, Cedrone and her husband feel like they “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.
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Canadians are leaving Florida
According to Florida Realtors, the state’s largest realtor organization, Canadians accounted for 33% of foreign-owned properties sold in Florida during 2025 — a sharp increase from the previous year (3).
Real estate agents say that more Canadian sellers are entering the market, leading to longer selling times and a growing inventory of available properties.
Canadians selling U.S. real estate
Snowbirds and real estate investors looking to sell U.S. property need to get up to speed on current market conditions. Talk to a local Realtor to find out about market conditions and to set reasonable expectations — not just about the sale price, but how long a final sale could take.
It’s also a good idea to figure out where to park the money you’ll make once the sale is finalized. Why? Because even after money is transferred, you’ll have some paperwork to complete.
For instance, under the U.S. Foreign Investment in Real Property Tax Act (FIRPTA), you are required to withhold 15% of the gross sale price (not the profit, the sale price). Plus, you’ll need to set aside funds to pay the Internal Revenue Agency (IRS) the U.S. capital gains tax calculated on the profit earned. (And some states, like California, charge additional capital gains tax.) You must also report the sale of your U.S. property to the Canada Revenue Agency (CRA) and pay Canadian capital gains tax — although you’ll get credit for any capital gains tax paid to the IRS. Just keep in mind, you may still owe Canadian capital gains tax as rates are typically higher in Canada than in the U.S.
A good option is to park the money earned from the sale of the property in a high-interest savings account (HISA). The Neo Savings account earns a solid 2.25% and with deposits of $20,000 or more you earn 3%⁺. For a limited time, you can get up to $650 in cash if you open a Neo Savings account and move at least $1,000 from an external account by March 22, 2026.
⁺ Earnings for the Neo Savings account, a Neo Cash account, are derived from the interest Neo earns on the funds. Earnings are calculated daily on the total closing balance and paid monthly. Rates are per annum. Minimum combined balance required to earn boosted rates. The minimum combined balance required to qualify and the corresponding rates are subject to change without notice. For more details see this page.
Read more: The ultra-rich are bailing on volatile stocks right now — these 4 shockproof assets are their new safe havens
Canadians buying U.S. real estate
As some flee the sunnier states, others may be tempted to start shopping for a well-priced investment or vacation property.
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Since getting a U.S. mortgage can be a laborious (and long) process, most Canadians end up taking out a loan or Canadian mortgage to fund their U.S. property purchase.
If this is your plan, you’ll want to start shopping around for the best mortgage rates. This is easily done using an online mortgage broker, such as Homewise. Using their simple online mortgage process, it’s easy to find a mortgage that fits your needs, from the comfort of your very own home.
With online mortgage services, like Homewise, you can shop from the comfort of your home. All it takes is answering a few questions to create your profile, and they’ll work with more than 30 banks and lenders to find you the right mortgage options. They’ll even do the negotiating for you — so you can rest assured you’re getting the best deals based on your circumstances.
The wait-and-see approach
If you already own U.S. property, but you aren’t sure what action to take, then a wait-and-see approach may be best. Quite often, this means renewing or refinancing to tap the property’s current equity or absorb high-interest debt.
Planning for retirement? Get personalized mortgage solutions from Homewise. Whether you refinance or choose to access home equity using a reverse mortgage, this online mortgage broker will help you find your best rate in minutes. With Homewise, finding your best mortgage is just five minutes away.
A perfect storm: Weather and politics adding to uncertainty
For many snowbirds, the decision to sell is made all the more urgent due to growing concerns over Florida’s future.
Recent hurricanes have caused billions in insured losses, further driving up premiums, and 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 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 U.S., creating plenty of uncertainty for snowbirds.
Diversify your portfolio away from U.S. markets
With all of this uncertainty, now might be the right time to diversify your investments away from U.S. real estate markets.
Spreading your investments across different asset classes and industries is often seen as a great way to mitigate risk in a volatile marketplace. But all those maintenance charges and commission fees can add up.
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A long-term shift in snowbird trends?
Given the concern and the rising costs, some Canadians (and Americans) are left wondering if this is the beginning of a long-term decline in Canadian homeownership in Florida, California and Arizona — the states where Canadians have traditionally purchased properties, particularly for the winter.
Canadians may look beyond the borders of America to places like Mexico and Central America, or even to the southern parts of British Columbia, as alternatives to buying in the United States.
But in the face of a weakening Canadian dollar over the past five years, if that slump in value 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.”
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McDonald’s observation is bolstered by past events. “In the early 2000s, the Canadian dollar bottomed out at US$0.62, 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.”
Still, cutting costs is on everyone’s mind. While fixed costs don’t offer much room for savings, snowbirds paying variable costs — such as food, transportation and entertainment — should be able to find savings.
Build a better budget
If you are looking for ways to make some adjustments to your spending, one option is to take a long, hard look at your financial ins and outs.
For example, snowbirds could consider cutting back on their expenses by avoiding dining out too often, spending less time at the golf course or looking for more affordable entertainment.
But it’s hard to know if these measures are making a difference without a proper budget.
That’s where apps like YNAB that can help you. With YNAB you can track your spending and create a budget — all in one place.
Just link your bank accounts and investment portfolios — and see all your transactions in one list, helping you stay on top of your spending.
You can also create custom goals for your retirement, personalize categories and track your progress at all times on the all-in-one money management platform.
YNAB even offers a 34-day free trial to see if it’s right for you.
Adjust winter travel plans
Another option is to make modify your winter travel plans. According to Ontario Blue Cross, snowbirds can:
- Plan 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.
- Opt for less expensive destinations: Rather than going to their usual destination, snowbirds may spend more time looking for more affordable locations to visit.
- Renting: If snowbirds own property down south, consider renting out the property to help create earnings that can offset expenses.
Bottom line
Whether political uncertainty lingers or the dollar strengthens, the decision to sell or buy a vacation property comes with a lot of perks — and paperwork. If you want to maximize the benefits, be sure to do your research and understand how the decision will impact your finances. In the end, wintering in the sun is meant to add enjoyment, not stress.
Article sources
We rely only on vetted sources and credible third-party reporting. For details, see our editorial ethics and guidelines.
CBC (1, 2); Profile of Residential Transactions in Florida (3)
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With 40 years of experience as a daily newspaper writer, columnist and editor, Mario Toneguzzi is passionate about bringing stories to life. After working for the Calgary Herald for 35 years in various positions such as sports, crime, politics, health, faith, city, breaking news and business, Mario shows that he is committed to finding a message that speaks to the reader. With a nationally recognized social media presence, Mario Toneguzzi works as a freelance writer and consultant in communications and media relations/training.
