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For Canadians preparing to spend the winter in Florida, the cost of renting or buying a home is only part of the financial equation. A number of factors — from high fuel costs and inflation to rising condo fees and property tax changes — are making the annual sojourn in the Sunshine State markedly more expensive. We took a look at five key economic pain points that snowbirds need to account for this year. 1.
The Canadian dollar While the loonie has shown some signs of life recently, it has remained below 74 U.S. cents throughout 2026, compared with an annual average of about 77 cents in 2022 and nearly 80 cents in 2021, according to Bank of Canada data. Karl Schamotta, chief market strategist at Corpay, a global payments and foreign exchange company, said currency fluctuations remain a concern for Canadians spending several months in the U.S. On Oct. 28, the Canadian dollar was worth approximately 71.25 U.S. cents, according to Bank of Canada exchange rates.
At those rates, a snowbird paying US$3,000 a month in rent would spend approximately $4,211 today, up from $3,705 in October 2021. That’s an additional $506 a month, or $2,024 over a four-month stay, before currency-conversion fees. The loonie could weaken further if inflation and interest rates rise faster in the States, Schamotta said.
Tariff uncertainty, Canada’s struggling housing market and weak job growth could also weigh on the currency. However, he sees the possibility of a recovery before the end of the year, particularly if U.S. consumer spending slows and business investment strengthens in Canada. “The one thing snowbirds can depend on is turbulence in the loonie,” Schamotta said.
Even though the loonie is more or less flat from last year, Canadians may find their U.S. dollars don’t go as far because of inflation. Case in point: The price of regular gasoline in Florida has risen to US$4.23 per gallon from roughly US$2.90 a year ago. With inflation running hotter in the U.S. than in Canada in recent months, the price pain may extend well beyond the pumps. 2.
Condo fees and special assessments Florida condo owners are facing additional costs as associations adjust to stricter building inspections and reserve-funding requirements introduced after the 2021 collapse of Champlain Towers South in Surfside, which killed 98 people. The rules require condo associations to assess the condition of their buildings and set aside money for major repairs. Most existing associations had to complete structural reserve studies by Dec. 31, 2025, but those with qualifying building inspections due in 2026 have until the end of this year to complete both the inspection and studies.
Median monthly condo fees among properties sold in Miami-Dade county reached US$945 in the first seven months of 2026, up 13.9 per cent from 2025, according to an analysis of sales records by HOA fee tracking website, NerdHOA. In Palm Beach county, the median rose 14.9 per cent to US$800. Jason Hamilton Mikes, a Naples-based condominium lawyer and founder of the law firm Hamilton Mikes, said the stricter reserve-funding requirements come with a financial trade-off.
“It means more money out of owners’ pockets every year, but it prevents them from feeling the pain of a much larger special assessment that might come out of the blue in any particular year,” he said. Special assessments are additional charges imposed on owners when an association needs money beyond its regular budget, to cover major repairs or other unexpected expenses. Florida realtor Kathryn Smiley recently advised a Canadian client against buying at an Orlando-area condo development after she learned that the monthly fees might double from US$600 to more than US$1,200.
The client ultimately purchased a single-family home elsewhere in Central Florida, where the ongoing costs were more predictable. “It’s no longer just about what you can afford to buy. It’s about what you can afford to keep,” she said.
Insurance for condo buildings and common areas can also raise condo fees. Florida’s state-backed insurer, Citizens Property Insurance Corporation, approved average 2026 rate increases of 7.7 per cent for condo association property insurance and 14.1 per cent for windstorm-only coverage. Those costs are generally shared among unit owners through their condo fees.
According to Mikes, Canadians considering buying a Florida condo should look beyond the monthly association fee and examine the building’s reserve funds, planned repairs and pending special assessments to understand what they might need to pay beyond their regular fees. 3. Homeowners insurance After years of steep increases, some Florida property owners could benefit from lower insurance rates in 2026. But gaps in coverage could leave them facing substantial out-of-pocket costs.
Dwelling-fire policies, commonly used for rental and secondary homes, carried an average annual premium of approximately US$2,728 in Florida as of July 2026, according to state insurance regulator data. Just this year, Citizens reduced its rates by an average of 8.7 per cent for standard homeowners policies, 4.2 per cent for dwelling-fire policies and 10.4 per cent for individual condo-owner policies. The changes took effect in July for new policies and at renewal for existing ones.
Citizens attributed the reductions in part to improvements in Florida’s insurance market following reforms aimed at reducing litigation and increased competition among private insurers. The reductions apply to individual residential policies, rather than the condo association policies facing increases. While dwelling-fire policies are common for vacation homes, they generally provide less coverage than standard homeowner policies, according to Mark Friedlander, a Florida-based spokesperson for the Insurance Information Institute.
They may exclude personal liability, contents coverage and additional living expenses. Flood damage is another potential gap in coverage, since standard property insurance does not cover flooding. According to Citizens, beginning Jan. 1, 2027, the insurer’s remaining residential policyholders with wind coverage will also be required to purchase flood insurance, even if their property is outside a designated high-risk flood zone.
The requirement, introduced in stages, applies to policies covering wind damage but exempts individual condo owner policies. “Just one inch of water can equal $25,000 damage,” Friedlander said. “You can imagine if you have a foot of floodwater in your home.
That’s a massive loss and very devastating financially.” 4. Travel medical insurance Medical insurance is a must for Canadians spending several months down south, and the premiums can become more expensive as they age or develop health conditions. Stephen Fine, president and co-founder of Toronto-based Snowbird Advisor Insurance, said the amount travellers pay depends on factors including age, medical history, length of stay and the type of coverage they select.
He said some policies require that a traveller’s pre-existing medical conditions remain stable for 90 or 180 days before leaving Canada. Changes to medications, including starting or stopping a prescription or adjusting a dosage, could affect coverage for the underlying condition. “You don’t freeze your eligibility or your stability period when you purchase a policy,” he said.
Fine recommends travellers contact their insurer if their health changes before departure. Depending on the circumstances, they could face higher premiums, exclusions for certain medical conditions or a loss of eligibility for their existing policy. “One of the biggest mistakes travellers make when purchasing insurance is failing to accurately report their medical history,” he said.
“Make sure you disclose everything.” Evan Rachkovsky, director of research and communications at the Canadian Snowbird Association, cautioned against eliminating travel medical coverage to reduce expenses. “You’re really gambling with your savings,” he said. 5. Property taxes Florida Governor Ron DeSantis has made it clear that he wants property-tax relief directed at permanent residents rather than Canadian snowbirds.
“I want Canadian tourists and Brazilian tourists subsidizing the state and making it so Florida residents pay less taxes,” he said at a realtors event in Orlando last year. “I don’t want to give Canadians a tax cut.” The remarks concerned a constitutional amendment that Florida residents are set to vote on in the midterm elections on Nov. 3. Amendment 3 would increase homestead exemptions, reducing the taxable value of properties used as permanent residences.
It would also lower the annual cap on increases in the assessed value of non-homestead properties from 10 per cent to five per cent. Most Canadians who own Florida vacation homes do not qualify for the homestead exemption since the property is not their permanent residence. Their properties are generally classified as non-homestead.
For owners, the proposed five per cent cap could limit how quickly their property’s assessed value increases each year. The cap would apply to non-school property taxes, which fund local government services, rather than taxes collected for public education. However, increases in the actual property tax bill would not be limited to five per cent.
The taxes are calculated using both the property’s taxable value and the rates set by local authorities, meaning owners could still face larger increases if those rates rise. “The law will not stop the county from raising those fees,” said Ken Johnson, the Walker Family Chair of Real Estate at the University of Mississippi and a former economist at Florida Atlantic University. He added that local governments could raise fees for services to offset lost property tax revenue.
If approved, the amendment would take effect Jan.1, 2027, rather than changing this year’s tax bills. Editor’s Picks Smiley said buyers should be aware that a property’s taxable value can change following a sale, meaning that the previous owner’s tax bill may not reflect what a new owner will pay. “I don’t think Canadians have lost their appetite for Florida real estate,” she said.
“But the ongoing costs are becoming a much bigger part of the conversation, whether someone is considering buying, selling, or deciding if keeping their winter property still makes financial sense.” Shantaé Campbell is a reporter at the Financial Post, covering Canada's real estate markets, with a focus on the economic forces shaping the sector and their impact on Canadians. ShCampbell@postmedia.com
Source: Financial Post
