Affected by all kinds of price increases and an unfavorable exchange rate, Quebec snowbirds must have deep pockets to spend the entire winter in Florida.
The Journal interviewed several people who have lived in the Sunshine State for several years. And their conclusion is unanimous: today’s cost of living is not as high as it used to be.
“It is no longer a business location like it has been in the recent past,” says Bernard Gagné, president of Phase IV of Hawaiian Gardens. With insurance, condo fees and electricity, the expense is at least $12,000, and you didn’t buy anything at the grocery store.”
At the Emerald Lakes Village mobile home park, the 181 owners have managed to cope with the various increases in recent years. They currently pay rent of $460, one of the lowest prices in the Fort Lauderdale area.
However, an increase is already planned for the 2024 budget.
“We are starting to have difficulty maintaining the same prices,” emphasizes Yves Drouin, chairman of the owners’ committee. There could be increases, but nothing ridiculous.”
Overpriced insurance
Besides the exchange rate, the hottest topic among snowbirds is insurance prices. It has exploded in the last two years, particularly due to the departure of several companies from Florida.
Those still in business are in a strong position and do not hesitate to charge very high prices. Several Quebecers confirmed to the Journal that their various bonuses have doubled in recent years.
For example, several policyholders saw personal premiums increase from $1,000 to over $2,000. And these amounts increase significantly when the customer reaches the age of 75 and 80. This is now one of the reasons why many Quebecers shorten their stay in Florida.
“At 75, they think more and many say that it is now their turn,” explains Mr. Gagné. People used to extend that to 80 or 85.”
As for Hawaiian Gardens, insurance on the buildings was $40,000 in 2020. For the six towers with more than 200 condos, it will rise to nearly $140,000 in 2024. For 2024 alone, that is an impressive increase of 25%.
“People are tightening their belts. When they shorten their stay, they rent out their condominiums. They often miss out on favorable weather times.”
That’s not all. Condominium fees have also been significantly increased in some locations to comply with Florida building codes. Extensive work had to be done on the buildings and the bill was passed on to owners who did not have emergency funds.
Great return on investment
On the other hand, those who sold their Florida properties were in for a pleasant surprise. The value of her house had doubled since she bought it.
This is the case of former producer Claude Brière, who has just sold his property in the Park Lake area.
“I was lucky. “I bought my condo during the pandemic and got twice the price when I sold it,” he says. On the other hand, it’s the same everywhere in the world.
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“Either you stay in the market or you don’t stay. They took advantage of the deal and are leaving. You can get back in, but buy at current market prices.”
He will therefore be leaving Florida after 15 happy years, for a reason that has nothing to do with the various gains of the last few years.
However, the increase in property values has been accompanied by a significant increase in property taxes in Florida, regardless of industry.
Golf has become a luxury
Quebec snowbirds don’t hesitate to cut their leisure budgets to stay in Florida for the winter. One of the activities that is becoming increasingly popular is golf.
In recent years, the golf landscape in Florida has changed significantly. Several properties closed and real estate developers took advantage of the opportunity to build new condo towers.
The spots that are still open are fully booked, but the green fees are less affordable.
“The green fee on a normal course costs between 60 and 75 US dollars,” 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 only wants to play once a week for cost reasons.
To preserve their budgets, Quebec snowbirds are going out less to restaurants or to shows. They focus more on free activities such as cycling, pétanque or pickleball and go to the beach more often.
Helping each other
There is great mutual support between residents of the different phases of the Hawaiian Garden.
“When it comes to social activities, we talk about the discounts we can get here and there,” adds Mr. Gagné. I won’t hide the fact that the Costcos and Walmarts of the world are in demand.”
Residents also discuss specials at grocery stores and restaurants. You make smart decisions in both of these areas.
“The grocery store is like a home in Montreal,” explains Claude Brière. The prices have increased incredibly.”
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