Canadian snowbirds are selling off Florida properties and the Home of the Week: Canadian real estate news for the week of Apr. 11

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This week, instability in the global markets is still causing homebuyers to hunker down, while Canadians with U.S. vacation homes are considering a big migration. Plus, the lowest fixed and variable mortgage rates in Canada and one home worth a look.

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Flying the coop

Canadian snowbirds are getting rid of their Florida homes

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The weakening Canadian dollar and rhetoric from U.S. President Donald Trump about annexing Canada and his trade war has made it clear for many Canadians that it’s time to leave Florida. As Salmaan Farooqui writes, in the past two months, some Florida realtors say they’ve been inundated with Canadian sellers who are hoping to offload their properties as quickly as possible. Farooqui told me it’s a hard time for Canadians to own their own vacation home in the U.S. — insurance and condo premiums have increased dramatically following last hurricane season — and coupled with the weakening Canadian dollar, it’s no longer financially feasible for many snowbirds. “And that’s before you get to the sense of shame that many Canadians in Florida felt for being there right now,” Farooqui said. “Some were considering Portugal or Costa Rica as their new winter destinations.”

Some of these snowbirds are making the big decision to sell their properties, even as the market isn’t really in their favour. Not only are interest rates still high in the U.S, but southern Florida’s market is facing a glut of properties on the market. Realtors said if snowbirds can ride out the lull, they should.

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Low-balling

Toronto-area homesellers face a barrage of low bids as supply mounts

Buyers in the Greater Toronto Area buyers haven’t vanished this spring, but many are hunkering down amidst a trade war, stock market gyrations and an impending federal election, writes Carolyn Ireland. Sellers are still putting properties up on the market, causing supply to grow. Ireland told me the swelling supply gives buyers better negotiating power, but most people won’t move ahead with a purchase if they are worried about their job security.

“‘Uncertainty’ has become such an over-used word lately that I’ve been checking the thesaurus for new ways to describe the overwhelming anxiety that is permeating all markets, including real estate,” she said.

With a federal election this month and a trade war with a mercurial U.S. president, Ireland said most pundits are not making any bold predictions about the housing market until everyone has more clarity. Buyers could be enticed back into the market, but supply could pile up if the country falls into a recession.

This week’s lowest fixed and variable mortgage rates in Canada

Rates shown are the lowest available for each term/type and category (insured versus uninsured) as of market close on Thursday April 10.

Market chaos

Tariff-induced uncertainty could lead to lower mortgage rates

The only Canadians coming out ahead at a time when markets are perpetually unpredictable due to tariff tumult are, perhaps, those shopping for a fixed mortgage rate, writes Penelope Graham. That’s because pricing for this type of mortgage takes its cues from bonds – and bond yields have reacted to the latest tariff news by plunging to lows not seen in three years. If you’re currently shopping for your mortgage, coming up for renewal, or looking to refinance, it’s smart to put in an application now. And the possibility of higher rates remains. In the aftermath of the latest Trump tariffs, economists and mortgage-rate analysts are looking for clues as to how the Bank of Canada will respond to this new global trade war.

Home of the Week

‘A wildlife paradise’: Heritage home comfort and acres of privacy

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234520 Concession 2, West Grey, Ont. – Full gallery here

The seven-bedroom, 19th-century stone farmhouse for sale in the rolling hills of Grey County has a rural feel with modern touches. The home is a combination of the old farmhouse, as well as a small timber frame home added in the ‘90s, which has since added a second floor with two bedrooms, as well as a new kitchen. The farmhouse also got a kitchen makeover — it now features an 11-foot island, a six-burner cooktop, double wall ovens and a pantry. The owners added a gazebo-style living room and dining room with panoramic views at each end of the house, to enjoy the private views that can only come with hundreds of acres of untouched wildlife.