Invest in Florida Real Estate
Florida is the most common first international purchase for Canadian buyers, and it is also the one where people most often skip the homework. This page covers what actually decides whether a Florida purchase works: condo reserves, insurance, taxes and the rules that apply to you because you are not a US person. Mathew Toussaint is a REALTOR® with eXp Realty of Canada and connects Canadian buyers with eXp professionals licensed in Florida.
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Why Canadians look at Florida
The appeal is easy to state: sunshine, direct flights, no Florida state income tax, and a large, liquid property market with everything from a condo near the beach to a single-family home inland. For snowbirds it is a lifestyle purchase that can be rented when they are not there. For investors it is a market with real rental demand, both short-term in the tourist corridors and long-term in the metro areas.
Miami and the south-east coast get most of the attention, but the state is big. Tampa and St. Petersburg on the Gulf side, Orlando in the centre, Naples and Sarasota on the south-west coast, and Jacksonville in the north-east are all quite different markets with different price points, insurance profiles and rental patterns.
The five things that decide a Florida purchase
1. Condominium reserves and assessments
This is the single biggest change in the Florida condo market in recent years. Following the Surfside collapse, Florida introduced milestone structural inspections and a requirement for condo associations to fund reserves based on a structural integrity reserve study. The practical result is that some buildings have raised fees substantially or issued large special assessments. Before you buy in any condo building, read the reserve study, the inspection reports, the association budget and the minutes. A unit priced below the market often has a reason sitting in those documents.
2. Insurance
Windstorm and flood coverage are material costs in Florida and vary enormously by location, building age, roof age and elevation. Get an insurance quote on the specific property before you remove conditions, not after. A number that works in Ontario terms can be undone by an annual premium you did not model.
3. Property tax and the homestead exemption
Florida property tax is assessed locally and the homestead exemption, along with the assessment cap that goes with it, applies to Florida residents using the property as a primary residence. As a Canadian buying a second home or a rental, you generally will not qualify, so budget the full non-homestead tax rather than the number the current owner is paying.
4. FIRPTA when you sell
The Foreign Investment in Real Property Tax Act requires a percentage of the gross sale price to be withheld when a foreign person sells US real property, with the seller reclaiming any excess through a US tax filing. It is not a tax in itself, but it affects your cash at closing and needs to be planned for at the beginning, not discovered at the end.
5. How long you spend there
Time spent in the United States affects your US tax position through the substantial presence test, and Canadians commonly rely on the closer connection exception, which has its own filing requirement. This is a question for a cross-border accountant, and it is worth asking before you buy rather than after.
Nothing on this page is tax, legal or immigration advice. Florida rules change and vary by county and by building. Confirm the current position with a Florida-licensed real estate professional, a Florida real estate attorney or title company, and a cross-border accountant before you commit.
Miami and South Florida
Miami is the most international market in the United States and behaves differently from the rest of Florida. Much of the inventory is condominium, buyers come from across Latin America, Europe and Canada, and the price range runs from workable to extraordinary. Neighbourhoods such as Brickell, Edgewater and Downtown are dense and condo-led; Coral Gables, Coconut Grove and the Beaches each have their own character and price structure; and Fort Lauderdale and West Palm Beach to the north are separate markets again.
If you are buying in Miami specifically, the condo documents point above matters most. Buildings vary hugely in how well they have been funded and maintained, and that difference shows up in your monthly cost rather than in the purchase price.
Short-term rentals
If part of your plan is renting the property out when you are not using it, check two things before you buy: what the municipality allows, and what the condo or homeowners association allows. Florida municipalities differ substantially on short-term rental rules, and many associations set minimum lease terms that make nightly rental impossible regardless of what the city permits. This is not something to discover after closing.
Your eXp connection in Florida
Mathew is licensed in Ontario, not Florida, and does not practise there. What he does is connect you with eXp professionals who are licensed and active in the Florida market you are interested in, and stay involved so the process makes sense from your side. eXp operates across the United States, so the introduction is within one organisation rather than a cold referral.
Tell Mathew what you are considering and he will make the introduction and help you work out what questions to ask.
Frequently asked questions about buying property in Florida as a Canadian
Can a Canadian buy property in Florida?
Yes. There is no restriction on Canadians owning residential property in Florida. The complications are financial and tax-related rather than about eligibility: financing terms differ for non-residents, insurance and property tax are higher than many buyers expect, and there are US tax consequences on rental income and on sale.
Do I need a US mortgage?
Not necessarily. Some Canadians pay cash, some use financing from a Canadian lender with a US cross-border programme, and some use a US lender that offers foreign national mortgages. Terms, rates and down payment requirements differ from what you are used to at home, so get that answer before you start shopping rather than after you find something.
What is FIRPTA and does it apply to me?
FIRPTA is a US withholding requirement that applies when a foreign person sells US real property. A percentage of the gross sale price is withheld at closing and the seller reclaims any excess by filing a US return. If you are a Canadian selling a Florida property, plan for it in advance with a cross-border accountant.
Why are Florida condo fees rising?
Following the Surfside collapse, Florida introduced milestone structural inspections and reserve funding requirements for condominium associations. Buildings that had underfunded reserves have had to increase fees or levy special assessments to comply. Always read the reserve study and the association financials before buying in a condo building.
Can I rent my Florida property on Airbnb?
It depends on the municipality and on the association. Some Florida cities restrict or licence short-term rentals, and many condo and homeowners associations impose minimum lease terms that rule out nightly rental. Confirm both before you buy if rental income is part of your plan.
Does Mathew handle the Florida purchase himself?
No. He is registered in Ontario with eXp Realty of Canada and does not practise in Florida. He connects you with eXp professionals licensed there and stays in the conversation so nothing gets lost between the two sides.
Next steps
See all international markets · Talk to Mathew about Florida