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- What Canadian Home Owners in Florida Should Know on the Heels of Hurricane Milton
What Canadian Home Owners in Florida Should Know on the Heels of Hurricane Milton
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In today’s edition:
What Canadian Home Owners in Florida Should Know on the Heels of Hurricane Milton
Preparing for 2025: Smart Moves to Handle Rising Condo Costs
Ontario’s Housing Plan Faces Challenges Due to Property Manager Shortage
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What Canadian Home Owners in Florida Should Know on the Heels of Hurricane Milton
Financial Post
Here’s the Scoop
Now that Hurricane Milton, a powerful Category 4 storm, has passed through Florida, many Canadian property owners are concerned. Over 500,000 Canadians own property in Florida, making them vulnerable to the rising threat of natural disasters. With back-to-back storms like Hurricane Milton and Helene, protecting real estate investments is more important than ever.
Key Things to Know
Canadian Investments in Florida: Canadians made up 13% of foreign real estate purchases in Florida from 2023 to 2024, with condo owners in hurricane zones needing to stay vigilant.
No U.S. Disaster Aid: Canadian property owners aren’t eligible for FEMA assistance, meaning repairs must be self-funded.
Remote Ownership Challenges: Many Canadians are away during hurricane season, making it harder to take immediate action or address damage.
Why it Matters
With hurricanes intensifying, Canadian home owners in Florida must be prepared for potential risks. Understanding the limitations on disaster aid and making plans for property protection can help safeguard valuable investments in an increasingly storm-prone region. Read More
Preparing for 2025: Smart Moves to Handle Rising Condo Costs
Getty Images
Here’s the Scoop
Inflation is driving up construction costs fast, leaving condo boards scrambling to cover big expenses. Here's how you can stay ahead and avoid surprising your owners with hefty fee increases or special assessments.
Key Things to Know
Update Your Reserve Fund Estimates: Relying on outdated numbers? Big mistake. Construction costs have jumped—by as much as 100% in some cases—so you need fresh estimates to avoid falling short.
Find Cost-Saving Opportunities: Work with your contractor to explore alternative materials or energy-efficient upgrades. Small changes can lead to big savings down the road.
Make Quick Decisions: Yes, you heard us right. In this inflationary environment, delaying could cost you more. Lock in your tender prices fast—within 30 days—before inflation drives costs even higher.
Why it Matters
Inflation’s unpredictable, and outdated estimates can quickly blow your budget. Taking action now ensures you avoid scrambling later with sudden fee hikes or special assessments. Read More
Actionable Tips
💡 Be Proactive: Tackle minor repairs early. Sealing cracks today can prevent costly structural damage tomorrow. It’s a small investment with big long-term payoffs.
💡Don’t Skip Key Maintenance: Pushing off regular HVAC tune-ups or critical garage repairs may save now, but trust us, it’ll lead to bigger (and more expensive) problems later.
💡Delay Wisely: Not all projects can wait, but sometimes prices will stabilize. Stay in touch with your contractors and delay when it makes sense—just be sure to reassess regularly.
Ontario’s Housing Plan Faces Challenges Due to Property Manager Shortage
Getty Images
Here’s the Scoop
Ontario’s housing plan is facing a serious challenge due to a shortage of qualified property managers. As regulations change and building complexities rise, the lack of experienced condo managers is driving up fees for homeowners and putting additional pressure on the system.
Key Things to Know
Licensing Law Impact: New 2022 regulations led 10-25% of veteran condo managers to leave the industry.
Rising Wages and Fees: Demand for managers has pushed entry-level wages to $80K and senior salaries to $220K, driving up condo fees.
Junior Managers Overloaded: Fewer experienced managers mean junior staff handle more properties, increasing risks of errors.
Pressure from New Units: Ontario’s plan for 1.5 million new homes by 2031 adds more demand for specialized property managers.
Why it Matters
The shortage of property managers is more than just an industry problem—it’s hitting homeowners' wallets through higher condo fees and reduced quality of property management. With rising demand and increasingly complex buildings, Ontario’s housing goals may be at risk if the shortage isn’t addressed quickly. Read More
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CONDO TYCOONS PIC OF THE WEEK
Peter Freed, Freed Developments (Toronto, Canada)
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