Where Canadians are buying internationally

Many Canadians flock South for a vacation during our cold winter months but it’s becoming increasingly popular for us to own homes across the globe. In a recent CREA blog, they broke down some of the data on those buying foreign properties for both investment and vacation purposes. I myself am an international owner with a lovely home in Mexico for vacation purposes.

So where are some of the most popular destinations for Canadians home-away-from-home? The United States, Mexico and Costa Rica rank as the top choices mostly for their close location and ease of buying property as a Canadian. 58% of Canadians buying in the US purchased for vacation purposes. And the most popular states? 71% purchased in Florida while 11% settled down in Texas.

Canadians also plunked down their cash for properties in the Dominican Republic, Portugal and the Bahamas. We also bought properties a little further from home with 13% in Asia and 11% in Europe.

So, what do international buyers consider when looking to purchase? According to the blog, “Canadians tend to factor in how many days they’re legally permitted to spend outside Canada for taxation and healthcare purposes. Ease of access to the second property through direct flights is one aspect to consider, along with ownership security.”

When it comes to style, single-family dwellings are preferred to condo living and buyers often look for specific traits and amenities. Some want a view or beach access or proximity to the market or need a minimum number of bedrooms for the family. And Canadians have been busy buying with international home sale rising in 2021 and 2022.

According to the post, the median price of a home purchased by a Canadian in the US (according to NAR statistics) was $416,000 USD, up slightly from $400,900 USD in 2021. It marked an increase compared to $292,300 USD in 2020 and $268,200 USD in 2019.

While I can’t personally help you find your dream vacation home, as a REALTOR® I do have access to CREA Global which connects me with real estate agents all over the world! And I’d be happy to share my own experience as an international property owner over a cup of coffee, on me. Check out the full blog here and join me on Facebook and Google to be a part of the action.