Canadians are heading back to the skies for a winter vacation despite being in an era of economic and political uncertainty.

Nearly half are confident they will travel south at some point this winter, up 11 percentage points from a year ago, according to a

recent report

by Allianz Global Assistance Canada.

Millennials are the most eager to travel, with 52 per cent indicating a plan for a getaway this winter, compared to 48 per cent of gen-Zers, 46 per cent of gen-Xers and 37 per cent of baby boomers.

Despite the lower percentage, boomers are experiencing a travel comeback as well since just 26 per cent went south last year.

“We’re seeing a clear resurgence in Canadians’ desire to travel, especially among younger generations,” Dan Keon, vice-president of marketing and insights at Allianz Global Assistance Canada, said in a release. “After a challenging year of economic pressures and geopolitical uncertainty, Canadians are prioritizing time away.”

The number of Canadians travelling to the United States

fell 31 per cent

year over year in September, with return air travel down 19.3 per cent.

Snowbirds — typically older Canadians who spend the winter months down south — have particularly abandoned travelling to the U.S. Just eight per cent of baby boomers intend to visit the U.S. on their next trip, according to Allianz.

The shift has wide-ranging impacts on the U.S., where Canadian snowbirds were estimated to have added

$6.5 billion to Florida’s economy

in 2018.

In response to the dropping demand for U.S. travel, many Canadian airlines have cut routes to American destinations. Westjet Group Inc. suspended nine routes to U.S. destinations, including Orlando, Fla., Los Angeles and Las Vegas.

In May, Air Canada announced a cut to routes headed to Tampa, Fla., though it later added more U.S. service from Toronto’s Billy Bishop Airport.

There are also new privacy concerns when it comes to U.S. travel. U.S. Customs and Border Protection may require photos and fingerprints of Canadian travellers staying in the U.S. for more than 30 days starting on Dec. 26.

The Allianz survey said just 14 per cent of respondents are planning U.S. travel, while only eight per cent of baby boomers are planning a visit south of the border, down 19 percentage points from a year ago.

Mexico and the Caribbean emerged as the most popular destination at 30 per cent, while travel within Canada represented 29 per cent of all planned trips. Europe and international travel represented 14 per cent and 13 per cent, respectively.

Interested in energy? The subscriber-only FP West: Energy Insider newsletter brings you exclusive reporting and in-depth analysis on  one of the country’s most important sectors.

Sign up here.

 Sign up here to get Posthaste delivered straight to your inbox.


Alphabet Inc.’s latest rally has it on the verge of supplanting some of the world’s most valuable companies as it makes progress in closing the AI gap.

Alphabet’s stock is up nearly 35 per cent since mid-October, which has added nearly US$1 trillion in value.

This comes as Meta Platforms Inc. is in discussions with the Google owner to use its chips in its 2027 data centres and may rent Google’s chips next year.

Read more here.

  • Today’s Data: U.S. third quarter real GDP, U.S. advance economic indicators report for October, U.S. durable goods orders for October

 

  • Canada’s oilpatch ‘thrilled’ as Ottawa, Alberta pave the way for new pipeline
  • OSFI open to ‘experiments’ to help banks finance Canada’s nation-building
  • Bank of Canada’s forecast for third-quarter growth is looking iffy, these economists warn
  • Here’s how Canada can go ‘elbows up’ and start winning the intellectual property war

Billed as the tallest residential tower in Canada, the 85-storey project at Yonge and Bloor in Toronto once known as the One, will probably be also famous for one of the longest construction runways to final completion, a time frame every condo buyer should worry about.

Developer Sam Mizrahi bought the land in 2014, and by 2017, pre-sale buyers were snapping up units at prices that, in hindsight, look like bargains — even after a condo market that has peeled back roughly 25 per cent in places.

Those early birds are now finding out what happens when a megaproject goes bad.

.

Read more here. 

Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you starting out or making a change and wondering how to build wealth? Are you trying to make ends meet? Drop us a line at wealth@postmedia.com with your contact info and the gist of your problem and we’ll find some experts to help you out while writing a Family Finance story about it (we’ll keep your name out of it, of course).

McLister on mortgages

Want to learn more about mortgages? Mortgage strategist Robert McLister’s

Financial Post column

can help navigate the complex sector, from the latest trends to financing opportunities you won’t want to miss. Plus check his

mortgage rate page

for Canada’s lowest national mortgage rates, updated daily.

Financial Post on YouTube

Visit the Financial Post’s

YouTube channel

for interviews with Canada’s leading experts in business, economics, housing, the energy sector and more.

Today’s Posthaste was written by Ben Cousins with additional reporting from Financial Post staff, The Canadian Press and Bloomberg.

Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at 

posthaste@postmedia.com

.

  • Canadian travel to the U.S. falls 31% in September
  • Number of Canadians travelling to the U.S. drops

Bookmark our website and support our journalism: Don’t miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here