Florida is the most familiar US destination for Canadian buyers: no state income tax, warm winters and long-established Canadian communities on both coasts. What sets it apart from other states is the cost and availability of insurance, and the condo rules Florida passed after the 2021 Surfside collapse, which have pushed up fees and special assessments in older buildings. This page covers what is specific to Florida; it is part of our guides to mortgages outside the standard bank route.
Financing, US and Canadian tax filings, FIRPTA withholding when you sell, and US estate tax work the same way in every state, and are covered in our guide to buying property in the US as a Canadian. Spending the winter there (how long you can stay, health coverage) is covered in the Canadian snowbird guide.
Popular areas for Canadians
| Area | Character | Draws |
|---|---|---|
| Fort Lauderdale | Beaches, boating, nightlife | Higher-end winter homes |
| Hollywood, Hallandale Beach | Long-standing Canadian community; many condos | Condo buyers wanting an established community |
| Miami, Miami Beach | Cosmopolitan, luxury market | Urban lifestyle |
| Palm Beach area | Affluent; beaches and golf | Luxury buyers |
| Naples | Upscale Gulf Coast; golf and nature | Affluent retirees |
| Sarasota | Arts, culture, Gulf beaches | Culture-oriented buyers |
| Fort Myers, Cape Coral | Gulf Coast canal living | Lower budgets, boaters |
| Tampa, St. Petersburg | City amenities, waterfront | Urban winter residents |
| Clearwater, Dunedin | Gulf beaches, Canadian community, spring training | Beach lifestyle |
| Orlando, Kissimmee | Theme parks, strong rental market | Rental investors, families |
Prices vary widely within each area, by distance from the water and building age as much as by city, so local listings and a Florida agent are the best guide to current values.
Insurance: the biggest Florida-specific cost
Homeowners insurance in Florida costs more, and is harder to get, than in most of the US.
| Factor | Why it matters |
|---|---|
| Hurricane exposure | Wind coverage is the largest part of the premium, and it rises closer to the coast |
| Fewer private insurers | Several large insurers have cut back in Florida, leaving fewer carriers to choose from |
| Citizens Property Insurance | The state-created insurer of last resort, used when private coverage can’t be found |
| Roof age and construction | Insurers look hard at roof age; an older roof can make a home expensive or impossible to insure |
| Flood | Standard homeowners policies exclude flood; flood insurance is required in high-risk zones when there is a federally backed mortgage, and worth pricing everywhere |
The coverage a Florida owner usually carries:
- Homeowners (HO-3), including wind, for a house; for a condo, an HO-6 policy covers the unit’s interior while the association’s master policy covers the building.
- Flood insurance, through the National Flood Insurance Program or a private flood insurer.
- Umbrella liability, for extra liability protection, especially with a pool or a rental.
What tends to lower premiums: a newer home built to Florida’s post-2002 building code, impact windows or hurricane shutters, a newer roof, concrete-block construction, a higher hurricane deductible, and a location farther inland. A wind-mitigation inspection documents the features that qualify for discounts. Getting firm insurance quotes before removing conditions avoids finding out at closing that a home is hard to insure.
Condos after Surfside
After the Champlain Towers South collapse in Surfside in 2021, Florida tightened its condo laws:
| Rule | What it means for a buyer |
|---|---|
| Milestone structural inspections | Condo buildings of three or more storeys must pass structural inspections once they reach a set age, and periodically after that |
| Structural integrity reserve study (SIRS) | Associations must have a study of the structural components every 10 years and fund reserves for them |
| No waiving structural reserves | Owners can no longer vote to skip funding reserves for the items the study covers |
| Fees and assessments | Many older buildings have raised condo fees sharply or levied large special assessments to catch up on repairs and reserves |
Before buying a Florida condo, it is worth asking for:
| Item | What to look for |
|---|---|
| The SIRS and reserve balance | Whether the reserves are funded to the study’s schedule |
| Milestone inspection report | Whether the building has passed, and what repairs were required |
| Special assessments | Any approved, pending or expected |
| Fee history | How much the monthly fee has risen recently |
| Master insurance policy | What it covers and the size of its hurricane deductible |
| Rental rules | Minimum lease terms, limits on rentals, and any approval process for tenants |
Single-family homes in a homeowners’ association come with their own covenants, which can control everything from rentals to exterior changes; the association’s documents are worth reading before an offer.
Other Florida specifics
| Issue | Details |
|---|---|
| Hurricane season | June 1 to November 30 |
| Flood zones | FEMA flood maps show the zone and whether flood insurance will be required |
| Sinkholes | A known risk in parts of Central Florida; sinkhole coverage may need to be added |
| Humidity and mould | A thorough inspection, including for mould, matters in a home left empty for months |
| Defective drywall | Some homes built in the mid-2000s used defective imported drywall; disclosures and inspections can flag it |
| Homestead exemption | Cuts property tax on a Florida resident’s permanent home; part-year Canadian owners don’t qualify |
| Documentary stamp tax | A state tax on the deed, charged as a percentage of the price (0.70% in most counties) and normally paid by the seller |
| No state income tax | Rental income and gains face federal US tax but no Florida income tax |
Owning from Canada
The yearly costs of a Florida home are property tax, homeowners and flood insurance, condo or HOA fees, utilities (air conditioning runs even when the home is empty, to control humidity), lawn and pool care, pest control, and property management if you rent it out. Insurance is the line that most often surprises Canadian buyers. If you rent the home, US rental tax filings and the Canadian reporting apply, as set out in the US property guide.
Checklist
- Choose financing (cross-border mortgage, US lender, HELOC or cash) and apply for an ITIN if you will need one
- Open a US bank account
- Work with a Florida agent experienced with Canadian buyers
- Inspect: structure, roof, wind mitigation, termites and mould
- Get insurance quotes, and check the FEMA flood zone, before removing conditions
- For a condo: read the SIRS, the milestone inspection, the association’s financials and the rental rules
- Close through a title company
- Set up homeowners and flood insurance, and auto-pay for property tax, fees and utilities
- Arrange a property manager or house-watching service, and a hurricane plan (shutters, who checks the home after a storm)
- Line up a cross-border tax adviser for the US and Canadian filings