Owning a beach-side Caribbean escape is a ‘once-I-win-the-lottery’ kind of dream for most Canadians, but many are still meeting that goal and buying international property.
Researchers at Point2Homes have released a ranking of the top 30 buying destinations for Canadians.
When you think of where Canadians travel most, the U.S. and Mexico likely come to mind, so it is no surprise they fill out the top two favourite spots to buy.
Mexico claims the top spot in the list, a place it has held since a similar report was released in 2015. The United States comes in second, a jump in popularity compared to three years ago when it came in fourth.
Costa Rica is the third most sought-after location, falling one spot compared to 2015 when it was second.
Belize is in fourth place, having ranked third in the previous report and the Dominican Republic holds the fifth spot.
The ranking was determined based on Canadian users’ Google searches conducted from January 2017 to January 2018, using keywords regarding homes for sale abroad, in countries located in the Americas. These countries were ranked based on monthly search volume.
Digging deeper into the report, the top five most sought-after Mexican locations for Canadians are:
- Puerto Vallarta with 2,940 monthly Google searches.
- Playa del Carmen, the fastest growing real estate market in Latin America, accounting for 1,470 searches.
- Cabo San Lucas came in third with 960 searches per month.
- The city of Mérida, fourth with 830 searches, famous for its rich Mayan and colonial architecture.
- The most expensive location in the country, Cancún, is in fifth place in the ranking with 800 searches.
Mexico is considerably more affordable than Canada when it comes to housing, with the average home price there of $52,325 CAD, more than 11 times less than it is in Canada
In terms of housing affordability, our southern neighbor is also more accessible than Canada, helping it reach second spot.
The median home selling price in the U.S. is $312,482 CAD, roughly half of the Canadian one
To see specific figures on all the 30 destinations included in the top home buying destinations ranking hover over the bars in the chart above or check out the full report here.
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