Are Canadians Causing a Housing Crash in Florida?

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There’s a new housing market warning in Florida — a sharp drop in Canadian buyer interest. Redfin reports a 26% decline in U.S. home searches from Canadians over the past year. Florida markets like Orlando, Tampa, and Miami are seeing the biggest drops. Canadian buyers used to scoop up second and third homes or condos in these areas. That demand is fading, which adds to rising inventory and falling prices.

Nearly every Florida metro now shows year-over-year price declines. Even Miami is seeing values fall. Could Canadian interest return later this year? Possibly. But how much do they actually impact the market? According to NAR, 41% of Canadian U.S. buyers chose Florida. Another 23% bought in Arizona.

Their average U.S. home purchase price in 2024 was $834,000. They tend to buy higher-end properties. Still, they only bought 7,100 U.S. homes — 4,000 in Florida. That’s a small slice of the total market. So, Florida’s housing weakness is mostly due to local affordability issues. Homeowners are priced out, not just missing foreign demand. To see where prices are headed next, visit www.reventure.app and view the 12-month forecast.
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