Canadians Sell Florida Homes
Trade wars between the US and Canada are about to begin, and crossings at the 5,525-mile border have slowed. This has also caused Doug Ford, the prime minister of Ontario, to threaten to shut off electricity in parts of the US. It will likely trigger a sharp rise in the price of US cars. It has also started a migration of Canadians who have moved 1,600 miles from parts of their country to Florida.
Canadian Real Estate
According to Axios, “My Canadian sellers are worried. They feel like they have to take a break from the U.S. for now and see where it goes,” Alexandra DuPont, a broker who helps snowbirds buy and sell condos in Florida. While this is anecdotal, it is easy to believe it is true. As hard as it may be to believe, Canadians in the US could face fees to cross the border or own homes in the US.
Canadians have the same reason to leave Florida as those living in the northern tier of US states. Hurricanes, tornadoes, floods, and withering heat have made Florida a less attractive destination, even though it offers low taxes.
Florida Insurance Costs
If the Canadians join a migration of Florida residents back north, it will further undermine the Florida residential real estate market. Americans have already started to move because of a catastrophic surge in residential taxes. Some Floridians cannot get insurance at all, and without home insurance, people cannot get mortgages.
The reasons for Canadians to stay out of Florida are growing.
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