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Canadian buyers are retreating from high-end South Florida markets, driven by the Trump administration’s trade and immigration policies and a softer exchange rate, even as Latin American demand remains strong.
Canada’s share of foreign buyers shopping for U.S. homes online has dropped to 32.1 percent in the third quarter, from 36.6 percent in the same period of last year, according to a new report from Realtor.com. Still, Canada remains the top source of international buyers in the U.S.
Douglas Elliman’s Senada Adžem, who handles luxury listings and sales in Palm Beach County, said that currency fluctuations and trade war volatility are factors. She called it “unusual” that she is seeing an uptick in Canadian sellers and a decline in Canadian buyers, referring to the $10 million-plus market.
“We all love our Canadian clients and friends. There is this perception that generally because of the trade negotiations that they’re not as welcome in the U.S. There is this feeling on top of the actual financial and logical reasoning that they may decide to sell or not buy immediately,” Adžem said. “It’s also more difficult to get visas, and the cost of carrying properties in the U.S. has increased significantly.”
A high net worth client from Canada is in a “holding pattern” because of the Canadian dollar weakening, said Corcoran Group agent Mick Duchon. The Canadian dollar was worth 71 cents in U.S. currency on Monday afternoon.
“[Canadians] love being here. They love America, they are still interested in being here,” Duchon said. “Things very quickly got much higher priced for them. It’s more of an economic concern.”
Foreign flow
As Canadians pull back in South Florida, brokers told The Real Deal they’re still seeing demand from other countries, like Colombia, Mexico, Brazil and buyers from European countries. Miami is still the top city with the most international views among top U.S. metros with 8.4 percent market share, according to the Realtor.com report. New York and Los Angeles followed.
As they have for years, condo developers in Miami are closely following relations between the U.S., Mexico and countries in Latin America. Michael Sadov, sales director at Okan Group’s Okan Tower, which is under construction in downtown Miami, said about half of the project’s buyers so far are foreign.
Colombian buyers make up a quarter of those deals. Mexican buyers are second in line. Sadov said he wrote a contract last weekend for a Venezuelan buyer — someone living in the U.S. with a business in Venezuela. Brazilian interest has also increased.
However, Trump’s positive relationships with foreign leaders are not translating to real estate purchases in Miami. The Trump administration’s backing of Argentina’s President Javier Milei and his party’s victory in the recent midterm elections are encouraging Argentinians in Miami to take their money back to their home country, Sadov said.
“It’s great the U.S. is making these alliances, but it’s not translating to any kind of shift [to Miami],” he said. “It’s actually having an adverse effect for our real estate market.”
Continued demand from buyers in the Northeast, California and the Midwest has helped offset fluctuations in the foreign buyer pool, brokers said.
Duchon said the buyer pool for high-end waterfront homes is still primarily American, and he is part of the majority who believe that will intensify if New York Rep. Zohran Mamdani wins the mayoral race on Tuesday, which is expected.
“We’re anticipating a wave of new buyers to come into the market,” Duchon said.
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var(–wp–preset–gradient–midnight) !important;}.has-small-font-size{font-size: var(–wp–preset–font-size–small) !important;}.has-medium-font-size{font-size: var(–wp–preset–font-size–medium) !important;}.has-large-font-size{font-size: var(–wp–preset–font-size–large) !important;}.has-x-large-font-size{font-size: var(–wp–preset–font-size–x-large) !important;}”,”type”:”list”,”__typename”:”StyleItem”}],”post”:{“id”:”cG9zdDo5OTgzMTI=”,”databaseId”:998312,”title”:”South Florida’s foreign buyer mix shifts, as Canadian demand falls “,”status”:”publish”,”slug”:”south-fla-foreign-buyer-mix-shifts-as-canadians-demand-falls”,”uri”:”/miami/2025/11/04/south-fla-foreign-buyer-mix-shifts-as-canadians-demand-falls/”,”link”:”https://therealdeal.com/miami/2025/11/04/south-fla-foreign-buyer-mix-shifts-as-canadians-demand-falls/”,”dateGmt”:”2025-11-04T14:45:00″,”contentTypeName”:”post”,”contentFiltered”:”u003cpu003eCanadian buyers are retreating from high-end South Florida markets, driven by the Trump administration’s trade and immigration policies and a softer exchange rate, even as Latin American demand remains strong.u003c/pu003enu003cpu003eCanada’s share of foreign buyers shopping for U.S. homes online has dropped to 32.1 percent in the third quarter, from 36.6 percent in the same period of last year, according to a new report from Realtor.com. Still, Canada remains the top source of international buyers in the U.S.u0026nbsp;u003c/pu003enu003cpu003eDouglas Elliman’s Senada Adžem, who handles luxury listings and sales in Palm Beach County, said that currency fluctuations and trade war volatility are factors. She called it “unusual” that she is seeing an uptick in Canadian sellers and a decline in Canadian buyers, referring to the $10 million-plus market.u0026nbsp;u003c/pu003enu003cpu003e“We all love our Canadian clients and friends. There is this perception that generally because of the trade negotiations that theyu0026#8217;re not as welcome in the U.S. There is this feeling on top of the actual financial and logical reasoning that they may decide to sell or not buy immediately,” Adžem said. “Itu0026#8217;s also more difficult to get visas, and the cost of carrying properties in the U.S.u0026nbsp; has increased significantly.”u0026nbsp;u003c/pu003enu003cpu003eA high net worth client from Canada is in a “holding pattern” because of the Canadian dollar weakening, said Corcoran Group agent Mick Duchon. The Canadian dollar was worth 71 cents in U.S. currency on Monday afternoon.u0026nbsp;u003c/pu003enu003cpu003e“[Canadians] love being here. They love America, they are still interested in being here,” Duchon said. “Things very quickly got much higher priced for them. Itu0026#8217;s more of an economic concern.”u0026nbsp;u003c/pu003enu003cpu003eu003cstrongu003eForeign flowu003c/strongu003eu003c/pu003enu003cpu003eAs Canadians pull back in South Florida, brokers told u003cemu003eThe Real Dealu003c/emu003e they’re still seeing demand from other countries, like Colombia, Mexico, Brazil and buyers from European countries. Miami is still the top city with the most international views among top U.S. metros with 8.4 percent market share, according to the Realtor.com report. New York and Los Angeles followed.u0026nbsp;u003c/pu003enu003cpu003eAs they have for years, condo developers in Miami u003ca href=”/magazine/september-2025/in-miamis-condo-market-the-pitch-to-foreign-buyers-picks-up/”u003eare closely following relationsu003c/au003e between the U.S., Mexico and countries in Latin America. Michael Sadov, sales director at Okan Group’s u003ca href=”/miami/2025/08/27/okan-group-seeks-eb-5-investors-for-miami-condo-hotel-tower/”u003eOkan Toweru003c/au003e, which is under construction in downtown Miami, said about half of the project’s buyers so far are foreign.u0026nbsp;u003c/pu003enu003cpu003eColombian buyers make up a quarter of those deals. Mexican buyers are second in line. Sadov said he wrote a contract last weekend for a Venezuelan buyer — someone living in the U.S. with a business in Venezuela. Brazilian interest has also increased.u0026nbsp;u003c/pu003enu003cpu003eHowever, Trump’s positive relationships with foreign leaders are not translating to real estate purchases in Miami. The Trump administration’s backing of Argentina’s President Javier Milei and his party’s victory in the recent midterm elections are encouraging Argentinians in Miami to take their money back to their home country, Sadov said.u0026nbsp;u003c/pu003enu003cpu003e“Itu0026#8217;s great the U.S. is making these alliances, but itu0026#8217;s not translating to any kind of shift [to Miami],” he said. “Itu0026#8217;s actually having an adverse effect for our real estate market.”u0026nbsp;u003c/pu003enu003cpu003eContinued demand from buyers in the Northeast, California and the Midwest has u003ca href=”/miami/2025/08/03/foreign-buyers-still-prevalent-in-miamis-new-condo-market/”u003ehelped offsetu003c/au003e fluctuations in the foreign buyer pool, brokers said.u0026nbsp;u003c/pu003enu003cpu003eDuchon said the buyer pool for high-end waterfront homes is still primarily American, and he is part of the majority who believe that will intensify if New York Rep. Zohran Mamdani u003ca href=”/magazine/november-2025/mayoral-madness/”u003ewins the mayoral raceu003c/au003e on Tuesday, which is expected.u0026nbsp;u003c/pu003enu003cpu003e“Weu0026#8217;re anticipating a wave of new buyers to come into the market,” Duchon said.u0026nbsp;u003c/pu003enu003c/pu003enu003csection class=”ReadMoreSection_root”u003entu003ch4 class=”ReadMoreSection_title”u003eRead moreu003c/h4u003enttttttttu003ca class=”BlogrollPost” href=”/magazine/november-2025/free-money/”u003enttttu003carticle class=”BlogrollPost_container”u003entttttu003cfigure class=”BlogrollPost_image FeaturedImage”u003entttttttttttttu003cimg decoding=”async” width=”200″ height=”133″ src=”https://static.therealdeal.com/wp-content/uploads/2025/11/EB-5-Program-200×133.jpg” class=”FeaturedImage_image wp-post-image” alt=”” loading=”lazy” /u003etttttttttttu003c/figureu003entttttu003cdiv class=”BlogrollPost_content”u003enttttttu003cdiv class=”BlogrollPost_heading”u003entttttttu003cdiv class=”MarketSectorLabel_categoryCityLabelWrapper”u003enttttttttttttttttu003cdiv class=”MarketSectorLabel_sectorLabel”u003entttttttttDevelopmentttttttttu003c/divu003enttttttttttttttttttttttttu003cdiv class=”MarketSectorLabel_marketLabel”u003entttttttttSouth Floridattttttttu003c/divu003entttttttttttttttu003c/divu003enttttttu003c/divu003enttttttu003cdiv class=”BlogrollPost_title”u003eTime is running out for South Florida developers to cash in on EB-5u003c/divu003entttttu003c/divu003enttttu003c/articleu003entttu003c/au003enttttttu003ca class=”BlogrollPost” href=”/magazine/september-2025/in-miamis-condo-market-the-pitch-to-foreign-buyers-picks-up/”u003enttttu003carticle class=”BlogrollPost_container”u003entttttu003cfigure class=”BlogrollPost_image FeaturedImage”u003entttttttttttttu003cimg decoding=”async” width=”200″ height=”150″ src=”https://static.therealdeal.com/wp-content/uploads/2025/09/1-Miami-Developers-Court-Foreign-Buyers-Amid-US-Slowdown-200×150.jpg” class=”FeaturedImage_image wp-post-image” alt=”” loading=”lazy” /u003etttttttttttu003c/figureu003entttttu003cdiv class=”BlogrollPost_content”u003enttttttu003cdiv class=”BlogrollPost_heading”u003entttttttu003cdiv class=”MarketSectorLabel_categoryCityLabelWrapper”u003enttttttttttttttttttttttttu003cdiv class=”MarketSectorLabel_marketLabel”u003entttttttttSouth Floridattttttttu003c/divu003entttttttttttttttu003c/divu003enttttttu003c/divu003enttttttu003cdiv class=”BlogrollPost_title”u003eMiami developers hunt for condo buyers from London to Latin Americau003c/divu003entttttu003c/divu003enttttu003c/articleu003entttu003c/au003enttttttu003ca class=”BlogrollPost” href=”/miami/2025/08/03/foreign-buyers-still-prevalent-in-miamis-new-condo-market/”u003enttttu003carticle class=”BlogrollPost_container”u003entttttu003cfigure class=”BlogrollPost_image FeaturedImage”u003entttttttttttttu003cimg decoding=”async” width=”200″ height=”133″ src=”https://static.therealdeal.com/wp-content/uploads/2025/08/MIA_Weekly-Dirt-8.1-200×133.jpg” class=”FeaturedImage_image wp-post-image” alt=”” loading=”lazy” /u003etttttttttttu003c/figureu003entttttu003cdiv class=”BlogrollPost_content”u003enttttttu003cdiv class=”BlogrollPost_heading”u003entttttttu003cdiv class=”MarketSectorLabel_categoryCityLabelWrapper”u003enttttttttttttttttu003cdiv class=”MarketSectorLabel_sectorLabel”u003entttttttttResidentialttttttttu003c/divu003enttttttttttttttttttttttttu003cdiv class=”MarketSectorLabel_marketLabel”u003entttttttttSouth Floridattttttttu003c/divu003entttttttttttttttu003c/divu003enttttttu003c/divu003enttttttu003cdiv class=”BlogrollPost_title”u003eThe Weekly Dirt: Is Miami’s drop in foreign buyers overstated?u003c/divu003entttttu003c/divu003enttttu003c/articleu003entttu003c/au003enttttu003c/sectionu003enntt”,”noAds”:false,”alternativeHeadline”:{“subheadline”:”Miami metro still top destination for international investors”,”__typename”:”AlternativeHeadline”},”updatedPost”:{“updated”:false,”date”:”2025-11-04T14:52:00+00:00″,”__typename”:”UpdatedPost”},”aiSummary”:{“summary”:”u003cpu003eu003c!– wp:list –u003eu003c/pu003ernu003cul class=”wp-block-list”u003eu003c!– wp:list-item –u003ernu003cliu003eCanadian buyers are pulling back from high-end South Florida real estate. u003c/liu003ernu003c!– /wp:list-item –u003ernrnu003c!– wp:list-item –u003ernu003cliu003eDespite the drop in Canadian interest, Miami remains the top U.S. city for international views, with strong demand persisting from Mexico and Latin American countries like Colombia and Brazil.u003c/liu003ernu003c!– /wp:list-item –u003ernrnu003c!– wp:list-item –u003ernu003cliu003eBrokers note that continued demand from U.S. buyers in the Northeast, California and the Midwest is helping to offset the fluctuations in the foreign buyer pool.u003c/liu003ernu003c!– /wp:list-item –u003eu003c/ulu003ernu003cpu003eu003c!– /wp:list –u003eu003c/pu003e”,”reviewed”:true,”disabled”:false,”autoGenerate”:false,”__typename”:”AISummary”},”audioArticleSettings”:{“audioUrl”:”https://eleven-public-cdn.elevenlabs.io/audio-native/a24c95b71e45d877e2798ceb32ef0ff8b1d79dced18bffc58f5b3a0c6e8468ac/st4sBCVVZbsFI1QcBnNA/st4sBCVVZbsFI1QcBnNA.mp3″,”__typename”:”AudioArticleSettings”},”mainArt”:{“mediaType”:”image”,”image”:{“node”:{“sourceUrl”:”/wp-content/uploads/2025/11/MIA-Foreign-Buyers-Feature-1-1400×933.jpg”,”srcSet”:”/wp-content/uploads/2025/11/MIA-Foreign-Buyers-Feature-1-1400×933.jpg 1400w, /wp-content/uploads/2025/11/MIA-Foreign-Buyers-Feature-1-300×200.jpg 300w, /wp-content/uploads/2025/11/MIA-Foreign-Buyers-Feature-1-700×467.jpg 700w, /wp-content/uploads/2025/11/MIA-Foreign-Buyers-Feature-1-200×133.jpg 200w, /wp-content/uploads/2025/11/MIA-Foreign-Buyers-Feature-1-768×512.jpg 768w, /wp-content/uploads/2025/11/MIA-Foreign-Buyers-Feature-1-1024×683.jpg 1024w, /wp-content/uploads/2025/11/MIA-Foreign-Buyers-Feature-1-50×33.jpg 50w, /wp-content/uploads/2025/11/MIA-Foreign-Buyers-Feature-1.jpg 1500w”,”sizes”:”(max-width: 1400px) 100vw, 1400px”,”caption”:”u003cpu003eColombian President Gustavo Petro, United States President Donald Trump, Canadian Prime Minister Maru0026#8230;u003c/pu003en”,”altText”:”Colombian President Gustavo Petro, United States President Donald Trump, Canadian Prime Minister Mark Carney, and Argentina’s President Javier Milei (Getty)”,”__typename”:”MediaItem”},”__typename”:”AcfMediaItemConnectionEdge”},”video”:null,”caption”:”Colombian President Gustavo Petro, United States President Donald Trump, Canadian Prime Minister Mark Carney, and Argentina’s President Javier Milei (Getty)”,”__typename”:”MainArt”},”featuredImage”:{“node”:{“sourceUrl”:”https://static.therealdeal.com/wp-content/uploads/2025/11/MIA-Foreign-Buyers-Feature-1-1400×933.jpg”,”srcSet”:”https://static.therealdeal.com/wp-content/uploads/2025/11/MIA-Foreign-Buyers-Feature-1-1400×933.jpg 1400w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA-Foreign-Buyers-Feature-1-300×200.jpg 300w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA-Foreign-Buyers-Feature-1-700×467.jpg 700w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA-Foreign-Buyers-Feature-1-200×133.jpg 200w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA-Foreign-Buyers-Feature-1-768×512.jpg 768w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA-Foreign-Buyers-Feature-1-1024×683.jpg 1024w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA-Foreign-Buyers-Feature-1-50×33.jpg 50w, https://static.therealdeal.com/wp-content/uploads/2025/11/MIA-Foreign-Buyers-Feature-1.jpg 1500w”,”sizes”:”(max-width: 1400px) 100vw, 1400px”,”caption”:”u003cpu003eColombian President Gustavo Petro, United States President Donald Trump, Canadian Prime Minister Maru0026#8230;u003c/pu003en”,”altText”:”Colombian President Gustavo Petro, United States President Donald Trump, Canadian Prime Minister Mark Carney, and Argentina’s President Javier Milei (Getty)”,”mediaDetails”:{“sizes”:[{“width”:”1400″,”height”:”933″,”__typename”:”MediaSize”}],”__typename”:”MediaDetails”},”__typename”:”MediaItem”},”__typename”:”NodeWithFeaturedImageToMediaItemConnectionEdge”},”__typename”:”Post”,”template”:{“templateValue”:”right-rail”,”__typename”:”DefaultTemplate”},”seo”:{“title”:”South Fla Foreign Buyer Mix Shifts As Canadians Demand Falls “,”fullHead”:”u003c!– This site is optimized with the Yoast SEO Premium plugin v26.0 (Yoast SEO v26.1.1) – https://yoast.com/wordpress/plugins/seo/ –u003enu003cmeta name=”description” content=”Canadian buyers retreat from luxury real estate in South Florida, as Latin American demand continues to grow.” /u003enu003cmeta name=”robots” content=”index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1″ /u003enu003clink rel=”canonical” href=”https://therealdeal.com/miami/2025/11/04/south-fla-foreign-buyer-mix-shifts-as-canadians-demand-falls/” /u003enu003cmeta property=”og:locale” content=”en_US” /u003enu003cmeta property=”og:type” content=”article” /u003enu003cmeta property=”og:title” content=”South Florida’s foreign buyer mix shifts, as Canadian demand falls ” /u003enu003cmeta property=”og:description” content=”Canadian buyers retreat from luxury real estate in South Florida, as Latin American demand continues to grow.” /u003enu003cmeta property=”og:url” content=”https://therealdeal.com/miami/2025/11/04/south-fla-foreign-buyer-mix-shifts-as-canadians-demand-falls/” /u003enu003cmeta property=”og:site_name” content=”The Real Deal” /u003enu003cmeta property=”article:publisher” content=”https://www.facebook.com/therealdealmedia/” /u003enu003cmeta property=”article:published_time” content=”2025-11-04T14:45:00+00:00″ /u003enu003cmeta property=”og:image” content=”https://static.therealdeal.com/wp-content/uploads/2025/11/MIA-Foreign-Buyers-Feature-1.jpg” /u003entu003cmeta property=”og:image:width” content=”1500″ /u003entu003cmeta property=”og:image:height” content=”1000″ /u003entu003cmeta property=”og:image:type” content=”image/jpeg” /u003enu003cmeta name=”author” content=”Katherine Kallergis” /u003enu003cmeta name=”twitter:card” content=”summary_large_image” /u003enu003cmeta name=”twitter:description” content=”Canadian buyers are retreating from high-end South Florida markets, driven by the Trump administration’s trade and immigration policies and a softer exchange rate, even as Latin American demand remains strong. Canada’s share of foreign buyers shopping for U.S. homes online has dropped to 32.1 percent in the third quarter, from 36.6 percent in the same period of last year, according to a new report from Realtor.com. Still, Canada remains the top source of international buyers in the U.S.u0026nbsp; Douglas Elliman’s Senada Adžem, who handles luxury listings and sales in Palm Beach County, said that currency fluctuations and trade war volatility [u0026hellip;]” /u003enu003cmeta name=”twitter:creator” content=”@trdny” /u003enu003cmeta name=”twitter:site” content=”@trdny” /u003enu003cmeta name=”twitter:label1″ content=”Written by” /u003entu003cmeta name=”twitter:data1″ content=”Shea Monahan” /u003entu003cmeta name=”twitter:label2″ content=”Est. reading time” /u003entu003cmeta name=”twitter:data2″ content=”3 minutes” /u003enu003cscript type=”application/ld+json” class=”yoast-schema-graph”u003e{“@context”:”https://schema.org”,”@graph”:[{“@type”:”NewsArticle”,”@id”:”https://therealdeal.com/miami/2025/11/04/south-fla-foreign-buyer-mix-shifts-as-canadians-demand-falls/#article”,”isPartOf”:{“@id”:”https://therealdeal.com/miami/2025/11/04/south-fla-foreign-buyer-mix-shifts-as-canadians-demand-falls/”},”author”:[{“@type”:”Person”,”@id”:”https://therealdeal.com/#/schema/person/2ec87f8cf2214bd77d8b7913c476cf43″,”name”:”Katherine Kallergis”,”image”:{“@type”:”ImageObject”,”url”:”https://secure.gravatar.com/avatar/c2c25fd6c44919923b90a57ca205e61f043ea5fe246acf98f17af994b2103337?s=96u0026#038;d=mmu0026#038;r=g”},”description”:”Katherine Kallergis is residential bureau chief and a senior reporter at The Real Deal. 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