Canadians heading south for the winter will be met with a slew of rising costs, coupled with inflation and competitive real estate prices.
According to a release Monday from, Miami rent prices were up 15.6 per cent from a year earlier. Rent prices in Fort Lauderdale increased 22.5 per cent year-over-year. Tampa’s rent prices were up 6.3 per cent from a year earlier. During that same time, rental prices climbed 10.2 per cent in Orlando.
Robinson said the frenzy spurred a “domino effect” where many vacation rental properties, frequently relied on by Canadian travellers, were converted into long-term rentals in an effort to capitalize on peak pricing.But amid the U.S. Federal Reserve’s interest rate hike campaign, Robinson said the market is changing again and buyers are now “finally back in the driver's seat.”
“So when you've got interest rates that shot up so fast and then the prices on the homes that are so much higher, nobody is left to buy them,” she said. While Canadians might be used to seeing increases in food prices at home, Choi said it is an expense that needs to be factored into travel plans. “It's also worth noting that obviously parts of Florida were hit significantly by the hurricane, so some areas will have fewer hotels available,” he said.
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