Hit by increases of all kinds and an unfavorable exchange rate, Quebec snowbirds must have deep pockets to spend the entire winter in Florida.
The newspaper surveyed several people who have lived in the Sunshine State for several years. And their conclusion is unanimous: the current cost of living is no longer what it used to be.
“It is no longer an economic destination like in the recent past,” says Bernard Gagné, who is president of phase IV at Hawaiian Gardens. With insurance, condo fees, electricity, it’s a minimum of $12,000 (American) in expenses and you didn’t buy anything at the grocery store.”
At the Emerald Lakes Village mobile home park, the 181 owners have managed to overcome the various increases in recent years. Currently, they pay rent of $460, one of the lowest prices in the Fort Lauderdale area.
On the other hand, an increase is already planned for the 2024 budget.
“We are starting to have trouble keeping the same prices,” underlines Yves Drouin, president of the owners’ committee. There could be increases, but nothing ridiculous.”
Overpriced insurance
Aside from the exchange rate, the hot topic among snowbirds is the price of insurance. It has exploded over the past two years, notably due to the departure of several companies from Florida.
Those that are still in business are in a position of strength and do not hesitate to charge very high prices. Several Quebecers confirmed Newspaper that their various bonuses had doubled in recent years.
For example, several policyholders saw their personal premiums increase from $1,000 to more than $2,000. And these amounts increase significantly when the client reaches 75 and 80 years old. This is now one of the reasons why many Quebecers are shortening their stays in Florida.
“At 75, they think more and many say that their turn is done,” explains Mr. Gagné. Before, people would stretch that out to 80 or 85.”
As for Hawaiian Gardens, insurance for the buildings was $40,000 in 2020. It will increase to nearly $140,000 in 2024 for the six towers which have more than 200 condos. For 2024 alone, that’s an impressive 25% increase.
“People are tightening their belts. If they shorten their stay, they rent their condos. Often, they deprive themselves of good periods for the weather.”
That’s not all. In some locations, condo fees have also seen significant increases to comply with Florida building codes. Major work had to be done to buildings and the bill was passed on to owners who did not have emergency funds.
Big return on investment
On the other hand, those who sold their Florida properties got a pleasant surprise. The value of their home had doubled since their purchase.
This is the case of former producer Claude Brière, who has just sold his property in the area of Park Lake.
“I was lucky. I bought my condo during the pandemic and I got double the price when I sold it, he mentions. On the other hand, it’s the same thing everywhere in the world.
- Listen to Yves Daoust’s economic segment via
:
“You either stay or you don’t stay in the market. You took advantage of the deal and you’re leaving. You can re-board, but you will shop with current market prices.”
He will therefore leave Florida after 15 years of happiness for a reason that has nothing to do with the various increases in recent years.
However, the increase in property values has come with a significant increase in property taxes, regardless of the sector in Florida.
Golf has become a luxury
Quebec snowbirds do not hesitate to cut their leisure dollars in order to stay in Florida during the winter. Among the activities declining in popularity is golf.
In recent years, the golf landscape has changed significantly in Florida. Several lots closed their doors and real estate developers took the opportunity to build new condo towers.
The courses that are still open are full, but the green fees are less affordable.
“It costs between $60 and $75 US for a green fee on an ordinary course,” says Bernard Gagné. If you bring your wife and decide to have a drink afterwards, it’s a costly day for the couple.”
Previously, Mr. Gagné could play up to three times a week. This season, he plans to play only once a week due to costs.
To respect their budget, Quebec snowbirds go less to restaurants or to shows. They focus more on free activities like cycling, pétanque, pickleball while going to the beach more often.
Mutual aid
There is great mutual support between the residents of the different phases of the Hawaiian Garden.
“During social activities, we talk about the discounts we can get here and there,” adds Mr. Gagné. I will not hide that the Costcos and Walmarts of this world are in demand.”
Residents also discuss promotions at grocery stores and restaurants. They make wise choices in these two sectors.
“The grocery store is like home in Montreal,” explains Claude Brière. Prices have risen incredibly.”