South Florida’s Foreign Buyer Mix Shifts, As Canadian Demand Falls

High-end real estate markets in South Florida are seeing fewer Canadian buyers, as factors like trade tensions, stricter immigration policies, and a weaker exchange rate dampen interest. Despite the pullback, interest from Latin American and domestic buyers continues to fuel the region’s luxury sector.

A recent Realtor.com report showed Canada’s share of foreign home shoppers in the U.S. dropped to 32.1% in the third quarter, down from 36.6% a year earlier. Still, Canadians remain the largest group of international buyers overall.

Douglas Elliman agent Senada Adžem, who specializes in luxury properties in Palm Beach County, said the shift is noticeable, particularly in the $10 million-plus market.

“We’re seeing more Canadian sellers and fewer buyers,” she noted, citing currency fluctuations, higher carrying costs, and visa challenges.

She added that some Canadians also feel less welcome in the U.S. due to political tensions.

Corcoran Group’s Mick Duchon agreed that economic factors are holding some clients back. “They love being here,” he said. “But prices have risen sharply for them because of the weaker Canadian dollar.”

While Canadian demand softens, interest from Latin America and Europe remains robust. Miami continues to rank as the top U.S. metro for international real estate searches, followed by New York and Los Angeles. Developers say foreign buyers—especially from Colombia, Mexico, and Brazil—still account for a significant share of new condo purchases.

At Okan Tower, a major project underway in downtown Miami, roughly half of buyers are from abroad. Colombians represent about 25% of sales, with Mexican and Brazilian investors also active. Venezuelan buyers are showing renewed interest as well.

However, some political alliances abroad may be discouraging investment rather than driving it. Okan Group’s Michael Sadov noted that improved U.S.-Argentina relations are prompting some Argentinians in Miami to repatriate funds. “It’s actually having an adverse effect on our market,” he said.

Despite these shifts, domestic demand remains a stabilizing force. Buyers from the Northeast, California, and the Midwest continue to seek South Florida properties, particularly luxury waterfront homes. Duchon expects even more interest if New York politics push high-net-worth residents to relocate.

“We’re anticipating a wave of new buyers to come into the market,” he said.