Florida is a popular destination for Canadian snowbirds and vacationers. More than 4 million people travel to the Sunshine State annually, and approximately 500,000 make Florida their home during winter. On the latest episode of TRREB’s Ready to Real Estate podcast, Margy Grant, Florida REALTORS® CEO, joins guest podcast host John DiMichele, TRREB’s CEO, to discuss the dynamics of real estate with Canadian snowbirds in Florida, and how the Florida REALTORS® Association is working with the state to improve affordability and increase supply.

Why Florida?

Aside from Canadians looking to avoid the cold winters, Florida offers an affordable living environment. While the cost of living remains relatively higher, it’s still more affordable than in many parts of Canada, especially when it comes to housing.

The Sunshine State offers outdoor activities year-round, including boating, fishing, and golfing. Florida is renowned for its beaches and high water quality which allow both residents and vacationers to enjoy the beaches and rivers.

How Do Canadian Snowbirds Impact Florida’s Real Estate Market?

“The Florida real estate market experiences a noticeable seasonal impact when our snowbirds are here,” says Margy. Property types impacted most by Canadians are vacation homes, rental properties, and retirement communities.

Snowbirds increase housing demand, directly impacting prices, and they don’t often see a downward effect on prices.

Making Homeownership More Affordable and Attainable in Florida

Much like Canada, Florida is also facing a supply issue, and the Florida REALTORS® Association is working with the state legislature to create programs that will impact the affordability and availability of housing within the Sunshine State. The Live Local Act tackles the state housing crisis and has two key components.

This program includes substantial funding, encouraging developers to build in challenging areas. “The act offers them tax breaks and other incentives to build affordable housing units, and it includes things like a faster permitting process and reduced impact fees,” explained Margy.

The second component concentrates on local governments adjusting their zoning regulations to permit denser development and more affordable housing options in areas that were previously designated for single-family homes or commercial purposes. This includes accessory dwelling units and multi-family housing. Margy says, “The entire goal of the Live Local Act is to increase supply of all housing in Florida and make it easier for people to live in the communities where they work.”

Canadians Working with Florida Real Estate Professionals

Florida REALTORS® are continuously providing and working with local communities to push out continuing education for REALTORS®. This includes primary residences and second home buyers or short-term rental and investment property. “We want to make sure that everybody understands the different ramifications to what kind of real estate you purchase and the agents working with you understand the limits and opportunities available,” explained Margy.

This allows Canadians interested in buying real estate in Florida to have a conversation with an informed real estate professional about what to expect in the home buying process.

To learn more about how Canadian snowbirds are increasing demand in the Florida real estate market, and how REALTORS® can better serve clients to navigate the complexities, listen to the full episode on the Ready to Real Estate podcast.