If you were planning on taking a cheap vacation this winter and crashing on your Granny’s couch in Boca Raton, you better bring that birthday card money along to foot the bill.
Driving the news: Snowbirds heading south this year will have to pull a bit more from their nest egg to cover expenses in the Sunshine State thanks to a dismal Canadian dollar made even less valuable by inflation.
- Combine US inflation with the decline in the loonie’s buying power, and snowbirds are looking at paying 18% more for their holiday than in other years.
And that’s not all: Florida, once a relatively affordable destination, is getting more expensive overall.
- A hot housing market driven by a population surge, low borrowing costs and the aftermath of Hurricane Ian has made housing and accommodations 58% more expensive for Canadians this year.
Zoom out: Some snowbirds are choosing to fly further south, to exotic locales where they can stretch their dollar further, per the Toronto Star.
- Tamarindo, Costa Rica, is (on average) 46% cheaper than Fort Myers, Florida.
- Cancun, Mexico, is 60% cheaper than West Palm Beach, Florida.
- Belize City, Belize, is 56% cheaper than Miami, Florida.
Bottom line: No matter where you travel now, you’ll feel the effects of inflation—but a more exotic locale than Sarasota might be a cheaper way to beat the winter blues this year.