Key Takeaways:
- The ongoing tensions between Canada and the US are affecting Canadian snowbirds who own property in Florida, with some deciding to sell their homes due to anti-Canadian sentiment.
- The real estate market in southwest Florida is experiencing a downturn, with a high level of inventory and declining prices, making it a challenging time to sell.
- Canadians are considering selling their US properties due to concerns over the current US administration, with 54% of Canadian property owners in the US considering selling within the next year.
- The decline in Canadian visitors is having a significant impact on the local economy in Florida, with estimated losses of $600 million annually in property taxes alone.
- Some Florida politicians are trying to reassure Canadians that not everyone in the state shares the same anti-Canadian views, and are encouraging them to stay or return.
Introduction to the Issue
The relationship between Canada and the US has been strained in recent years, and this tension is having a significant impact on Canadian snowbirds who own property in Florida. Many of these individuals are facing a difficult decision: whether to continue visiting their winter homes in the US or to boycott the country due to its current administration. For Donna Lockhart, a snowbird from Ennismore, Ontario, the decision was clear. She has decided to sell her condo near Punta Gorda, Florida, due to the anti-Canadian sentiment and the hostile remarks from Florida Republican Gov. Ron DeSantis.
The Real Estate Market in Southwest Florida
The real estate market in southwest Florida is experiencing a downturn, with a high level of inventory and declining prices. This is making it a challenging time to sell, as Lockhart has discovered. Her condo is one of over 100 units on the market in her neighborhood, and a similar unit in the same building has been listed since last April. According to Joel Berner, a senior economist at Realtor.com, the market in southwest Florida is characterized by an exceptionally high level of inventory, with prices coming down considerably and time on the market increasing.
The Canadian Exodus
The decline in Canadian interest in buying US homes is having a significant impact on the real estate market in Florida. Realtor.com has been tracking a decline in the number of Canadians interested in buying US homes, and the company’s data shows that two southwest Florida destinations are among the top four most sought after by Canadians in all of the US. However, these areas are also experiencing the steepest price declines in the state. John Willows, a retiree from rural eastern Ontario, is one of the Canadians who has decided to stay away from the US due to the current administration. He has decided to visit Cuba instead, citing the need to support his own country during the trade war.
The Impact on the Local Economy
The decline in Canadian visitors is having a significant impact on the local economy in Florida. Canadians pay an estimated $600 million annually in property taxes alone, and the decline in visitors is also affecting restaurants, small businesses, and the workers they employ. Allen Spence, a Democratic candidate for US Congress in a district that includes hard-hit Sarasota, is trying to reassure Canadians that not everyone in the state shares the same anti-Canadian views. He is encouraging Canadians to stay or return, citing the shared history and cultural ties between the two countries.
A Different Approach
Spence’s approach is a welcome change from the hostile rhetoric that has been directed towards Canadians. He acknowledges that the Canadian boycott is affecting the local economy and is trying to find ways to mitigate the impact. Lockhart, who has decided to wait out the market and list her condo in early 2027, is also hoping that the situation will improve. She has faced some small acts of antagonism for being Canadian, but is still planning to visit her condo this winter. As the situation between Canada and the US continues to evolve, it remains to be seen how the real estate market in Florida will be affected and whether Canadians will continue to feel welcome in the state.