Weather

Currency, condo fees and insurance squeeze Canadian snowbirds in Florida

A weak Canadian dollar, rising condo fees and complex insurance changes are increasing costs for Canadians wintering in Florida.

By Hugh MacDonald, Weather Writer
October 31, 2026

A weak Canadian dollar, rising condo fees and complex insurance changes are making the annual winter stay in Florida more expensive for Canadian snowbirds. Currency fluctuations mean monthly rental costs are hundreds of dollars higher than a few years ago, while new building safety rules are driving up condo fees. Insurance premiums for some properties are falling, but coverage gaps could leave owners with devastating out-of-pocket costs for events like flooding. "The one thing snowbirds can depend on is turbulence in the loonie," said Karl Schamotta, chief market strategist at global payments company Corpay.

On Oct. 28, the Canadian dollar was worth approximately 71.25 U.S. cents. At that rate, a snowbird paying US$3,000 a month in rent would spend about $4,211, up from $3,705 in October 2021. That is an additional $506 a month, or $2,024 over a four-month stay, before currency conversion fees. Schamotta said the loonie could weaken further if inflation and interest rates rise faster in the United States, though a recovery is possible before year-end if U.S. consumer spending slows. Even with a flat currency year over year, inflation means U.S. dollars do not go as far, with Florida gasoline prices rising to about US$4.23 per gallon from roughly US$2.90 a year ago.

Florida condo owners face additional costs as associations adjust to stricter building inspection and reserve funding requirements introduced after the 2021 Champlain Towers South collapse. 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 by HOA fee tracking website NerdHOA. In Palm Beach county, the median rose 14.9 per cent to US$800. "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," said Jason Hamilton Mikes, a Naples-based condominium lawyer.

Realtor Kathryn Smiley recently advised a Canadian client against buying an Orlando-area condo after learning monthly fees might double from US$600 to more than US$1,200. The client bought a single-family home elsewhere in Central Florida where 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 is also raising fees, with Florida's Citizens Property Insurance Corporation approving average 2026 rate increases of 7.7 per cent for condo association property insurance and 14.1 per cent for windstorm-only coverage.

After years of steep increases, some Florida property owners could see lower insurance rates in 2026. 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, effective in July. The insurer attributed the cuts to market improvements following reforms. However, dwelling fire policies common for vacation homes often provide less coverage, excluding personal liability, contents and additional living expenses, according to Mark Friedlander, a Florida spokesperson for the Insurance Information Institute.

Flood damage is a major coverage gap, as standard property insurance does not cover it. Beginning Jan. 1, 2027, Citizens will require most remaining residential policyholders with wind coverage to purchase flood insurance, even outside high risk zones. "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." Medical insurance is another essential cost, with premiums rising with age or health conditions. Stephen Fine, president of Snowbird Advisor Insurance, said policy costs depend on age, medical history, length of stay and coverage type, with some requiring stable pre existing conditions for 90 or 180 days before travel.

With files from Financial Post