Canadian snowbirds flocking to sell their Florida homes amid Trump feud face huge losses as market tanks
The ongoing trade war across the political boarder has sent Canadians packing, leading to major vacancies in once popular beachfront destinations.
Canadians that once flocked to the sunny beaches of Florida each winter are putting their properties up for sale as Trump's tirade against America's northern neighbor intensifies.
The ongoing trade war across the political boarder has sent Canadians packing, leading to major vacancies in once popular beachfront destinations.
Canadians currently own $60 billion worth of property in Florida, according to CBC.
Approximately one million of them love to flee the chilly winters of Canada in favor of idyllic Sarasota, Cape Coral or Fort Myers.
In the last year, however, Canadian shares of Florida properties declined across all popular markets in the Sunshine State, especially Southwest Florida.
Canadian Real Estate Company Royale LePage surveyed Canadians who own US property.
They found that 54 percent are considering selling, the majority of who credit the current political climate with that decision.
'The polarizing political climate in the United States is prompting many Canadians to reconsider how and where they spend their time and money,' said Royal LePage president and CEO Phil Soper in a statement.
Amid President Trump's constant tariffs on Canadian imports, many Canadian snowbirds have chosen to sell their properties in the US
Many Canadians like to leave the country's harsh winters in favor of the sunny beaches of Florida
Studies show that Canadians account for $60 billion worth of Florida property
'Canadians have been the most important foreign investors in America’s residential real estate market for years, and a significant wave of property sales would leave a noticeable mark on the regional economies that snowbirds support.'
At the beginning of his second term, the president infamously promised to make Canada the 51st state in the US. A comment which angered and offended many Canadians.
'Canada only works as a state,' Trump said last March. 'We don't need anything they have. As a state, it would be one of the great states anywhere.'
He also initiated the trade war with the country, putting heavy tariffs on imported goods including steel and aluminum.
Trump blamed the tariffs on Canada's lack of response to the fentanyl crisis.