Amendment 3 could reshape costs for Canadian owners as brokers weigh the cross-border outlook
Florida voters will decide on Nov. 3 whether to approve Amendment 3, a property tax overhaul that would shut most Canadian snowbirds out of its biggest benefit while slowing how fast their tax assessments can rise.
The constitutional amendment, backed by Florida Governor Ron DeSantis, would lift the homestead exemption on non-school property taxes to US$150,000 in 2027 and US$250,000 in 2028, up from US$51,411 today.
The exemption applies only to an owner’s permanent Florida residence, so seasonal owners generally do not qualify. The measure needs 60% voter approval to pass.
DeSantis has been blunt about who should benefit. “I don’t want to give Canadians a tax cut,” he said.
Amendment 3 would cut the annual cap on assessment increases for non-homestead properties, including many Canadian-owned vacation homes, to 5% from 10%.
Who covers Florida’s property tax shortfall?
In June, the Florida Revenue Estimating Conference estimated the measure would eventually reduce local non-school property tax revenue by about US$11.9 billion a year.
Canadian interest has held up, even as many owners have been pulling back from the US real estate market. Canadians accounted for 37.8% of international home-shopping demand on Realtor.com in the first quarter of 2026.
Canadian housing market outlook pulls buyers closer to home
That math increasingly includes options north of the border. Some returning owners are reinvesting US sale proceeds in Toronto’s housing market, while Canada’s recreational property market has settled into a more disciplined phase.
Speaking at MortgageFest Canada in Toronto in September, Tracy Valko, founder of AIMI Mortgage Collective, said entry points at home have improved.
“Buying a home that’s worth $450,000 to $500,000 is realistic. Where it wasn’t like that three years ago. And if they’ve been sitting on the sidelines, hesitant to buy, they’ve saved more money.”
Financing costs may not stay friendly. “I think rates will probably go up in October. GIC rates are up 35 points in the last sixty to ninety days. Bank of Canada bond rates are up 60 points,” said Grant Armstrong, chief growth officer at WealthOne Bank of Canada.
Joe Flor, vice-president of national sales and broker relations at CMI Financial, kept his 2027 call conservative.
“What we need to see is consumer confidence again. And we started to see that, and hopefully it continues into 2027.”
Make sure to get all the latest news to your inbox on Canada’s mortgage and housing markets by signing up for our free daily newsletter here.
