Short answer: Moving to Miami as a Canadian in 2026 forces a real comparison between buying and renting — and the math is closer than most people expect. A furnished 2-bedroom winter rental in Brickell runs $4,200–$9,100/month (Zumper, Oct 2026 listings); four months mid-range costs about $26,880 USD all-in. Buying a comparable $700,000 condo costs roughly $23,190 USD/year in carrying costs (property tax + HOA + insurance) plus ~$10,000 in one-time closing costs — and the purchase itself now costs ~C$998,200 with the loonie at 1.426. The literal question — “Canadians buying vs. renting in Miami in 2026: the math” — has a bottom line: the cash flow is roughly a wash; the real difference is ~C$1 million of illiquid exposure, exchange-rate lock, and cross-border tax friction against the flexibility of renting.
Updated: October 11, 2026.
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Moving to Miami: the rent math in 2026
Start with the rent side, because it’s the side with real numbers and no surprises. A furnished 2-bedroom in Brickell for the January–April peak runs $4,200–$9,100/month in active October 2026 listings; Miami Beach runs $3,100–$6,800/month for the same window. Take a mid-range Brickell unit at $6,000/month: four months is $24,000, and Miami-Dade’s transient rental tax adds another 12% on stays under six months — so the real season bill is about $26,880 USD, or ~C$38,320 at today’s 1.426 rate. Your cost of living in Miami as a seasonal renter is high, but it’s a single number you can walk away from every April.
The deposit math matters too: landlords hold security deposits in USD, so a one-month deposit of $6,000 ties up C$8,556 until it’s returned (see how security deposits in Miami actually work). Budget it in loonies, not dollars.
Moving to Miami: the buy math in 2026
Now the purchase. A typical Brickell 2-bedroom sells for a median of about $800,000 (Homes.com, current 2026 data), with live October listings at $799,000. Take a $700,000 condo as the worked example — squarely in the snowbird zone. The annual carrying costs, cash buyer:
| Carrying cost (per year) | USD | CAD (at 1.426) |
|---|---|---|
| Property tax (~0.97% Miami-Dade effective rate) | $6,790 | C$9,683 |
| HOA ($1,200/mo — Brickell 2BR typical range is $800–$1,500) | $14,400 | C$20,534 |
| HO-6 condo insurance (FL avg ~$1,035–$1,080/yr; coastal high-rise runs higher) | $2,000 | C$2,852 |
| Total annual carrying cost | $23,190 | C$33,068 |
On top: ~$10,000 in one-time closing costs (cash buyers pay 1–2% of price in Florida). And the purchase price itself: $700,000 USD = ~C$998,200 at the 1.426 rate — the weak loonie adds ~C$88,200 versus buying at 1.30. Put the rent and buy side by side:
| 4-month winter comparison | Rent (mid-range Brickell 2BR) | Buy ($700k condo, cash) |
|---|---|---|
| Winter cost (USD) | ~$26,880 (rent + 12% tax) | ~$23,190 carrying |
| Winter cost (CAD, at 1.426) | ~C$38,320 | ~C$33,068 |
| Money locked up | One month’s deposit | ~C$998,200 of property |
| Flexibility | Walk away every April | Sell costs + 15% FIRPTA withholding |
So buying “wins” the annual cash-flow comparison by a few thousand dollars — but it doesn’t save you into a purchase. The owner pays the difference in illiquidity, currency lock-in, and risk. Which brings us to the parts nobody puts in the listing brochure.
What most people don’t know
Florida’s condo reserve law can hit owners with tens of thousands in special assessments. Since budgets adopted after Dec 31, 2024, associations may no longer waive funding for structural reserves — full funding became mandatory in 2026, and boards are finalizing assessments this fall. When a building has under-reserved for years, owners absorb the gap as one-time special assessments on top of HOA dues. New construction avoids that surprise entirely — ask for the reserve study and the special-assessment history before you buy a resale, not after. If you’re deciding between renting this winter or buying, this single check can be worth more than a year of HOA.
Seasonal owners don’t get Florida’s homestead exemption — and that’s real money. The exemption (about $50,000 off taxable value plus the 3% annual assessment cap) requires the property be your permanent Florida residence. A condo used four months a year from an Ontario or Quebec address doesn’t qualify, and November’s Amendment 3 vote would expand resident exemptions while leaving Canadian snowbirds out entirely (vote pending Nov 3, 2026). Budget the full ~0.97% effective rate — roughly $7,760/year on an $800,000 unit.
Buying puts you inside the US estate-tax net with only a $60,000 exemption. A non-resident alien’s US-situs estate — and a Miami condo is squarely US-situs — gets a $60,000 exemption, versus about $15 million for US persons. The Canada–US treaty provides an enhanced pro-rata credit, but this is cross-border-accountant territory, not a DIY item.
Renting your condo out while you’re in Canada isn’t free money. The default is 30% withholding on gross rent with no deductions — or elect to be taxed on net income on Form 1040-NR, with deductions including depreciation, at graduated rates. Either way it’s a yearly US tax return. And owning vs. renting doesn’t change the snowbird tax trap: the IRS counts days physically present, not deeds. Browse the full guides hub for the rest of the seasonal-owner checklist.
Frequently asked questions
How many winters does it take for buying to beat renting? On cash flow alone, a cash buyer who winters every year starts ahead after roughly year one — but that’s not the real break-even. Factor in ~$10,000 closing costs, the ~C$88,200 FX premium the weak loonie charges you on the purchase, one potential special assessment, and the illiquidity of a ~C$1M position, and most honest math puts the crossover around 4–6 winters of consistent use. Come every year for five years? Buying can work. Skip a winter or two? Renting wins decisively.
Should I buy cash or finance as a Canadian? Most Canadians buy cash: US mortgages require US credit or an ITIN, and financing adds mortgage doc stamps (0.35% of the loan) plus intangible tax (0.20%) to closing costs. Cash also closes faster in buildings where boards vet buyers. If you do finance, work with a lender who handles foreign nationals routinely.
Can I rent out my Florida condo while I’m back in Canada? Yes — and many snowbird owners do, to offset the $23,000+/year carrying cost. But choose your tax posture up front: the 30%-on-gross default is simple and expensive; the Form 1040-NR net election preserves your deductions (including depreciation) but commits you to a yearly US return. And check your condo’s rental minimums before you count on it — many Brickell and Beach buildings require 30-day or longer stays.
Does owning the condo change how many days I can stay? No. Ownership and the 183-day substantial presence test are separate questions: the IRS counts days you’re physically in the US, whether you sleep in a unit you own or one you rent. Keep the day-count log either way — and review the tax-trap rules before your first season as an owner.
Rates, listing prices, and the exchange rate move — figures above reflect conditions as of October 11, 2026. This is general information, not tax or legal advice: talk to a cross-border accountant before buying.
Yara Coker — SETTLE, relocation services in Miami.
Want help with your move to Miami?
Moving to Miami for the winter as a Canadian — and torn between renting and buying? SETTLE runs the full buy-vs-rent math for your specific budget in Canadian dollars: real carrying costs for the buildings you’re considering, the reserve-law check on resales, and the tax friction most buyers discover too late. Tell us your dates and your budget:
Sources
Exchange rate: Xe (Oct 11, 2026); Reuters (Oct 7, 2026). Listing and price data: Zumper, Homes.com, Redfin, Homes.com brickell 2BR median (2026). Property tax: FloridaHomeFinder 2026 guide; Fla. Stat. §196.031. Insurance: InsuredBetter (Oct 2026). Reserve law: SB 4-D/HB 913 via money.ca (Sept 2026). Tax rules: IRS international-taxpayer guidance (Forms 1040-NR, 8288; IRC §§871(d), 1445, 7701(b)); Royal LePage / Palm Beach Post (2026).
Versión en español: Vivir en Miami: canadienses comprando vs. rentando en 2026 — los números
