High Condo Fees and a Weak Loonie Make Florida No Country for Snowbirds

High Condo Fees and a Weak Loonie Make Florida No Country for Snowbirds

This commentary delves into the challenges faced by Canadian snowbirds—retirees who spend winters in Florida—due to rising costs and the declining value of the Canadian dollar (loonie).

Key Points:

• Rising Costs in Florida: Over recent years, snowbirds have been grappling with escalating costs in Florida, particularly in condo fees. Property maintenance, insurance, and other associated costs for condo living in the state have surged, making it increasingly expensive for Canadians who winter there.
• Weak Canadian Dollar: The article emphasizes the impact of the weak Canadian dollar, which has exacerbated financial strain for snowbirds. As the loonie continues to lose value against the U.S. dollar, Canadians are paying significantly more for everyday expenses, property upkeep, and leisure activities in Florida.
• Condo Fees and Maintenance Costs: Condo fees have increased due to a variety of factors, including property insurance hikes resulting from frequent natural disasters such as hurricanes. Additionally, building maintenance costs have risen in response to new regulations that were introduced after the deadly Surfside condo collapse in 2021.
• Inflation and Real Estate Pressures: The general inflationary pressures in the U.S. economy and rising real estate prices in Florida have compounded the issue, making it harder for retirees to afford long-term stays. Many Canadians are reconsidering their winter getaways or cutting back on the duration of their stays.
• Alternative Destinations: Some snowbirds are beginning to explore other warmer destinations, such as Mexico and parts of the Caribbean, where the cost of living may be lower, and the currency exchange rates may be more favorable compared to Florida.

Source: The Globe and Mail