Stiff competition in rental and homeownership markets coupled with high inflation and the languishing loonie is making things tougher for people who like to spend the winter months in warmer climes.
The Canadian dollar has gone into a tailspin against the U.S. dollar.Aging Canadians have looked to South Florida for affordable winter-month properties for decades, but stiff competition in the rental and homeownership markets, compounded by the rising cost of living, are making it more difficult for the nation’s snowbirds to enjoy paradise the way they once did.
in Florida was $347,300 in 2021 and had increased by 33.1 per cent over the previous year, according to Florida Realtors, an industry group. “There’s a real demand for rentals. People are especially looking for the three months: January, February, and March. And people are saying, ‘Well, nothing for 2023 so I will have to book for 2024 to find something.’”“They have to want to rent for at least six months and they have to be prepared to do what the agent tells them to do. It’s very simple. If they want it, they simply have to take it for what it is because there’s nothing out there.
Accounting for the exchange rate swing, home prices in Florida are up a staggering 58 per cent from the start of the pandemic, Toronto Dominion Bank economist Admir Kolaj observed in aJennifer Lee, an economist and managing director at the Bank of Montreal, expects the loonie to remain fairly weak for the rest of the year and into early 2023.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian snowbirds in Florida face cost-of-living crunch as real estate, rental prices riseCanadians in Florida face stiff competition in the rental and homeownership markets along with high inflation and a low loonie. Read on.
Read more »
Canadian snowbirds in Florida face cost-of-living crunch as real estate, rental prices riseCanadians in Florida face stiff competition in the rental and homeownership markets along with high inflation and a low loonie. Read on.
Read more »
Canadian snowbirds in Florida face cost-of-living crunch as real estate, rental prices riseCanadians in Florida face stiff competition in the rental and homeownership markets along with high inflation and a low loonie. Read on.
Read more »
Canadian snowbirds in Florida face cost-of-living crunch as real estate, rental prices riseCanadians in Florida face stiff competition in the rental and homeownership markets along with high inflation and a low loonie. Read on.
Read more »