realestate

Canadian Snowbirds Unload Florida Homes Amid Market Shift

This week's lowest fixed and variable mortgage rates in Canada

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s the Canadian dollar continues to falter, many snowbirds are rethinking their U.S. vacation homes, with some opting to sell and others considering alternative winter destinations. Realtors report a surge in Canadian sellers looking to offload properties in Florida, where insurance premiums have skyrocketed following last year's hurricane season.

    The weakening currency has made it financially unfeasible for many Canadians to maintain their U.S. vacation homes, and the sense of shame associated with owning property in a country with a mercurial leader like Donald Trump is also a factor. Some are eyeing destinations like Portugal or Costa Rica as their new winter escapes.

    Meanwhile, in Toronto, buyers are holding back amidst economic uncertainty, leading to a glut of properties on the market. This supply surge gives buyers more negotiating power, but many are hesitant to make a move due to job security concerns.

    In contrast, Canadians shopping for fixed mortgage rates may be coming out ahead. Bond yields have plummeted in response to tariff news, making now a smart time to apply for a fixed rate mortgage. However, the possibility of higher rates remains, and economists are watching the Bank of Canada's response to the new global trade war.

    In other news, this week's featured home is a stunning 19th-century stone farmhouse in West Grey, Ontario. With seven bedrooms, modern touches, and hundreds of acres of untouched wildlife, it's a true paradise for nature lovers. The asking price? A mere $7,999,000.

Canadian expats sell Florida homes amidst shifting real estate market trends.