Canadians are looking into buying homes in other countries — these are their top picks
The COVID-19 pandemic ushered in the work-from-home and remote work era.
This and rising housing costs caused many Canadians to look at real estate outside the country to buy a home.
Three years into the pandemic with lockdowns lifted, a new report from Point2Homes examines whether Canadians are still interested in properties outside the country.
“Canadian homebuyers are still looking for ‘homes for sale in Mexico,’ ‘houses in the US,’ and ‘beachfront properties in Costa Rica,'” reads the report. “However, the financial uncertainty from the previous 12 months has taken a toll on buyers’ interest.”
Point2Homes found that the number of search hits fell in 23 of the 30 most sought-after destinations to buy a home outside Canada. But with the average price of a home in Canada continuing to reach depressing heights, some people may still shop for options outside the country.
Point2Homes analyzed more than 2,000 real estate-related keywords in islands, countries, and cities in the Americas to discover the most current desirable home-buying destinations.
According to the report, the top three countries occupying the podium are the same as last year.
Mexico was number one out of 30 countries, followed by Costa Rica and the US.
Despite this, all three countries experienced a significant decrease in home searches. The report reads that the US recorded the most dramatic fall at -40%.
Point2Homes says this is just the tip of the iceberg.
Interest in vacation homes and investment properties also tanked.
“Canadian buyers are definitely more reluctant when it comes to properties abroad,” the report reads.
Beyond searches, even actual transactions have gone down.
According to an August report by the National Association of Realtors, the “number of existing homes bought by international buyers declined to 84,600 – the fewest since 2009.”
So, who are the people still looking for a vacation home abroad?
Point2Homes
Point2Homes says that demographic data from its portal reveals that the typical Canadian buyer browsing Mexico’s listings is likely a Gen X buyer.
“Almost 6-in-10 home seekers are men, and most of the searches (21.24%) are performed by buyers in the 45-54 age group,” reads the report.
But young and older millennials are also trying to get in on the action.
The report says people between the 25 to 44 age brackets are driving traffic to Mexico’s real estate pages more than retirees.
Would you move out of Canada to any of these destinations?
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