Explore essential tips and insights for buying property in Florida as a Canadian, including legal steps and financing options, for a seamless purchase.
Buying property in Florida as a Canadian has become increasingly popular in recent years. The Sunshine State’s warm climate, beautiful beaches, and vibrant culture attract many Canadians looking for a vacation home or investment opportunity.
At Global Florida Realty: Southwest Florida, we’ve helped numerous Canadian clients navigate the complexities of purchasing real estate in Florida. This guide will walk you through the essential steps and considerations for a successful property acquisition in the Sunshine State.
The Florida real estate market offers a diverse range of options for Canadian buyers. According to a February 2025 report, Canadians represent 17% of international buyers in Florida, making them the top foreign buyer group in the state.
Miami Beach, Naples, and Orlando consistently attract Canadian investors due to their unique lifestyles and investment potential.
Miami Beach appeals to those who seek a vibrant urban atmosphere with beautiful beaches. Naples offers a more relaxed, upscale environment with world-class golf courses. Orlando, famous for its theme parks, attracts families and those interested in the vacation rental market.
In Southwest Florida, areas like Punta Gorda have seen increased interest from Canadian buyers. This region attracts Canadians with its charming waterfront communities and more affordable prices compared to larger cities.
The Florida housing market has experienced significant changes over the past decade. According to the National Association of Realtors, existing-home sales fell 5.9% month-over-month to a seasonally adjusted rate of 4.02 million in March 2025. Year-over-year, sales drew back 2.4%.
As of April 2024, the median home price in Florida was $407,600. This figure is substantially lower than major Canadian cities like Toronto and Vancouver, which makes Florida an attractive option for many Canadian buyers.
Florida’s real estate market offers a wide variety of property types to suit different needs and budgets:
When considering property types, it’s important to think about your long-term intentions. Ask yourself: Are you looking for a permanent move, a vacation home, or purely an investment? Your answer will significantly impact your property buying strategy.
The next step in your Florida property buying journey involves understanding the legal and financial considerations that come with international real estate transactions. Let’s explore these aspects to ensure you’re well-prepared for your investment.
Canadians do not need a visa to buy property in Florida. A valid Canadian passport suffices for the purchase process. However, visa regulations apply for extended stays in the U.S. Canadians can typically remain in the U.S. for up to six months per year without a visa.
Securing a mortgage as a Canadian buyer in Florida presents unique challenges. U.S. lenders often require larger down payments from foreign buyers (typically 20% to 30% of the purchase price).
Cross-border mortgages from Canadian banks offer an excellent option. These allow the use of Canadian credit history and income to secure a U.S. mortgage.
Foreign National Mortgage Loans, designed specifically for non-U.S. residents, provide another financing avenue. These loans often feature competitive interest rates but may require additional documentation.
Canadian property owners in Florida face tax obligations in both countries. U.S. property taxes vary by county but average around 0.8% of the property’s assessed value.
Rental income must be reported on both U.S. and Canadian tax returns. The Canada-U.S. Tax Treaty prevents double taxation, but income declaration in both countries remains necessary.
The Foreign Investment in Real Property Tax Act (FIRPTA) applies when selling Florida property. This act requires 15% of the sale price to be withheld for U.S. taxes.
Florida’s climate creates unique insurance challenges. Hurricane and flood insurance often become necessary, especially in coastal areas. These policies can significantly increase overall insurance costs.
Standard homeowners insurance in Florida costs more than in many other states due to the higher risk of natural disasters.
The legal and financial aspects of buying property in Florida can prove complex for Canadian buyers. Working with professionals who understand cross-border transactions becomes essential. Experienced attorneys, accountants, and mortgage brokers who specialize in helping Canadian clients can provide invaluable assistance.
Obtaining an Individual Taxpayer Identification Number (ITIN) from the IRS before closing on your property is a critical step. This number, necessary for tax reporting purposes, can be obtained by filing Form W-7 with the IRS.
With these legal and financial considerations in mind, the next step involves understanding the practical aspects of purchasing property in Florida. Let’s explore the step-by-step process of finding and acquiring your dream Florida home.
The first step in your Florida property purchase journey involves finding a reliable real estate agent. Look for an agent with experience in working with Canadian buyers and knowledge of the local Florida market. Ask about their track record with international buyers, their understanding of cross-border transactions, and their familiarity with areas that appeal to Canadian buyers. A good agent will provide valuable insights into local market trends, property values, and neighborhood characteristics.
After partnering with a real estate agent, you need to conduct thorough property searches. Define your preferences, budget, and must-have features clearly. Your agent can use this information to create a tailored list of properties that match your criteria.
Virtual tours offer a convenient option for international buyers (saving time and travel expenses). However, we recommend visiting properties in person before making a final decision. This allows you to assess the neighborhood, local amenities, and the overall feel of the area.
When you find a property you like, it’s time to make an offer. Your real estate agent will help you determine a fair offer price based on recent comparable sales in the area. In Florida’s competitive market, you need to move quickly but also make informed decisions.
Prepare for negotiations. The seller may counter your offer, and you might go through several rounds of back-and-forth before reaching an agreement. Your agent will guide you through this process, advising on when to stand firm and when to compromise.
Once your offer is accepted, you’ll enter the closing process. This typically takes 30 to 45 days and involves several steps:
Closing costs in Florida typically average 2.3% of the purchase price. These costs include title insurance, attorney fees, property taxes, and various other fees. As a Canadian buyer, you may also need to factor in currency exchange costs.
Throughout this process, maintain clear communication with your real estate agent, lawyer, and other professionals involved in the transaction. They can help you navigate any challenges that arise and ensure a successful property purchase in the Sunshine State.
Buying property in Florida as a Canadian offers unique opportunities to invest in a vibrant real estate market while enjoying warm climate and diverse lifestyle options. The Florida market presents a range of choices, from beachfront condos to single-family homes in golf communities, with popular areas like Miami Beach, Naples, and Orlando attracting Canadian investors. Thorough research and professional guidance are essential when embarking on your Florida property journey.
Insurance requirements, tax implications, and financing options tailored to international buyers should factor into your decision-making process. Visa regulations for extended stays and obtaining an Individual Taxpayer Identification Number (ITIN) for tax purposes are important considerations. The benefits of owning property in Florida extend beyond financial investment, providing access to year-round sunshine, world-class amenities, and potential rental income.
At Global Florida Realty: Southwest Florida, we specialize in guiding Canadian buyers through the intricacies of the Florida real estate market. Our team offers localized market insights and personalized guidance for your home-buying experience in Punta Gorda and nearby communities. With careful planning and professional support, buying property in Florida can become a rewarding experience for Canadian investors seeking a vacation home, retirement destination, or investment opportunity.
