Why are Canadians moving to Mexico?
Many Canadians are beating inflation, high-interest rates & eroded quality of life by moving to Mexico:
Inflation, high-interest rates, and other political and economic worries are impacting more and more Canadians.
But instead of sitting around feeling sorry for themselves, some savvy Canadians are taking action and finding ways to beat the system. One popular solution is to move to Mexico.
By living in Mexico, Canadians are taking advantage of the lower cost of living and escaping the sting of rising prices at home. And, with its close proximity to the U.S., Canada, and Central America, Mexico is a great place to live for people who love to travel. So if you're looking for a way to beat inflation and high-interest rates, think about giving Mexico a try!
Unaffordability, uncertainty drive Canadians to consider the move to Mexico
Homeownership is out of reach for many
Canada’s real estate market has seen incredible growth over the past decade, driven by high demand, international investment, and low supply. Unfortunately, this has resulted in skyrocketing prices that have made it nearly impossible for many Canadians to purchase a home. This is particularly problematic in urban areas like Toronto and Vancouver, where the cost of ownership is often out of reach even for people with moderate or high incomes.
Rising interest rates & high inflation
Living in Canada has long been an enviable stability, but that is currently changing. Despite the relative strength of our economy, everyday Canadians are feeling the crunch of rising interest rates and increasing inflation. High-interest rates have caused mortgages to increase to levels unaffordable for many Canadians, meaning owners who rely on income from renting are struggling to get by month-to-month. Inflation has led to marked increases in fuel, rent, and grocery prices that have amplified people’s financial woes. The hardship felt could potentially worsen if these trends continue unchecked, leading to a more detrimental effect on household spending and ultimately the Canadian economy.
The crippling cost of rent
Even if you don't own a home, renting in Canada is a growing issue, with costs continuing to rise each year. For many people, the idea of being able to afford their monthly rent is becoming increasingly difficult as rent prices continue to outpace inflation. This increasingly difficult financial situation has been felt by most city-dwellers who are starting to feel the pinch on their wallets and purses.
Increased gas and food costs
Canadians and tourists alike have noticed a dramatic shift in price points for food and gas since the last year, as prices in both Canada and Mexico have drastically increased. In fact, the costs of food and fuel are now higher than ever before in Canada, whereas Mexico is actually experiencing a decrease in prices compared to the same period last year. This disparity between the two countries has likely been facilitated by Mexico's low minimum wage relative to that of Canada's, making goods more affordable for consumers there. Despite this trend, Canadian citizens are still feeling the pinch when it comes to their wallets, with overspending on groceries being a significant source of financial strain for many households.
Canadians worried about the erosion of democracy in Canada
In recent years, there have been alarming signs that democracy in Canada is eroding. Civil rights such as freedom of expression are being threatened and laws are being implemented to restrict public debate on certain topics. The government has also imposed heavy restrictions on protests and demonstrations in an effort to stifle public discourse.
We have also seen a decline in the media's ability and willingness to hold those in power accountable. This lack of oversight and accountability has allowed the government to bypass laws protecting basic democratic rights and freedoms, leaving many citizens feeling voiceless and disempowered.
Warmer climate, lower cost & better quality of life lure Canadians to move to Mexico
Given some of these negative impacts on the quality of life in Canada, Canadians are motivated to take advantage of the lower cost of living in Mexico compared to Canada. Additionally, numerous Canadians are sick of freezing winters at home and are drawn to Mexico's rich culture, vibrant art and music scene, and delicious food.
How much does it really cost to live in Mexico?
The cost of living in Canada and Mexico can vary depending on a number of factors, including the region and city where you live, your personal lifestyle, and the exchange rate between the Canadian and Mexican currencies. In general, the cost of living in Canada is higher than in Mexico.
For example, the average cost of a one-bedroom apartment in a city center in Canada is around $1,600 CAD per month, while the same apartment in Mexico would cost around $750 CAD per month.
Those interested in selling their homes in Canada and buying real estate in Mexico, they'll be pleasantly surprised at how far the Canadian dollar goes in Mexico. With the entry into the real estate market starting at $150,000 CAD for a condo and as low as $2500 for a building lot in Eijido land, Canadians are selling up and retiring early.
In addition to saving huge on accommodation, gas, groceries and other everyday necessities are generally less expensive in Mexico compared to Canada. However, it's important to keep in mind that the cost of living can vary greatly depending on the specific regions within each country,
Canadians moving to Mexico to escape the cold
Canada and Mexico have very different climates, so it is difficult to make a direct comparison of their temperatures. In general, Canada has a cooler climate than Mexico, with average temperatures ranging from -10°C to 20°C depending on the region. In contrast, Mexico has a more diverse range of climates, from hot and dry deserts to tropical rainforests. The average temperature in Mexico is around 24°C, but it can vary significantly depending on the location and time of year. In general, Mexico tends to be warmer than Canada, but there are also some parts of Canada, such as the coastal regions, that can be quite mild and temperate.
Canadians moving to Mexico to live a better quality of life.
Art, culture, and music can greatly improve the quality of life in a number of ways. For one, participating in or appreciating the arts has been shown to have a positive effect on mental health and emotional well-being. Engaging with the arts can help reduce stress and anxiety, and can even improve cognitive functioning. Additionally, art, culture, and music can bring people together and foster a sense of community, which can have a positive impact on social connections and overall happiness. Furthermore, the arts can provide a creative outlet for self-expression and can help individuals develop a stronger sense of identity. Overall, incorporating art, culture, and music into daily life can have a profound impact on an individual's quality of life.
Canadians moving to Mexico to enjoy more autonomy
Mexico is known for its libertarian government, which allows citizens more personal freedom in their day-to-day lives. This governance system has long been much celebrated throughout Mexico due to its inherent ability to protect the values and rights of residents throughout the country. People of Mexico are generally afforded a larger degree of autonomy than those in other nations as there are fewer federal regulations in place to restrict individual action. Consequently, Mexico's libertarian culture has made it a more open environment for people from all walks of life. Residents have the opportunity to make decisions about their lives and futures with a greater level of confidence than many others around the world would have. It may explain why Mexico remains one of the most popular vacation spots among individuals who favor a less regulated lifestyle.
Remote workers from Canada aren't waiting for retirement to move to Mexico
Since COVID, more and more members of the workforce actually work remotely or from home. If this is sustainable for you, you may not need to wait to retire to make the move to Mexico while keeping your existing income.
If you're willing to learn Spanish, have the right setup with internet access, and have an understanding of the cultural customs, moving to Mexico in your 20's, 30's or 40's could be the perfect fit for you.
Working from home - in Mexico offers you the advantages of a lower cost of living and better quality of life - without sacrificing security and benefits like salary, or vacation days.
5 years of living part-time in Mexico
The founder of MexCan Realty, Laurel Anne Stark has been living part-time in Mexico since 2016. For all the reasons mentioned above, and more, Laurel bought her first property - an investment condo - in 2021. Since then, she's been dedicated to helping other Canadians who are sick of the uncertainty, expense, and cold of living in Canada to also buy property in Mexico.
Laurel was able to take what was originally intended as her downpayment for a property in Canada and buy a home outright in Mexico. Now she enjoys an 8% return on her property each year + a dramatic increase in value since her purchase.
First steps for Canadians making the move to Mexico
Making the decision to move to Mexico is an exciting time, full of opportunities and adventures. Before you can begin your new life, there are some preparatory steps that should be taken in order to ensure everything goes smoothly.
Visit first: Mexico is an amazing place with a rich culture and beautiful scenery. An amazing way to experience the country before deciding to move there is to visit it first. This enables travelers to get an in-depth look at the diverse regions, different customs and varied climates available throughout Mexico. Taking the time to visit Mexico will provide a more informed decision about relocating there as well as a classic journey through history and unique cultural experiences that can only be found in this extraordinary part of the world. Whether looking for a short escape or extended trip, exploring Mexico before making the move is sure to be a rewarding experience.
Do your research: Researching the country and learning about its culture is a great place to start; this will provide important context so that you’re better prepared for any cultural nuances you may encounter.
Make a budget: It is also wise to investigate the cost of living within Mexico and develop a budget so that you have financial security throughout your time there.
Learn some Spanish: Additionally, learning even some Spanish would be incredibly useful as it is Mexico’s official language and would make communication much easier. Taking these initial steps will set you up well for the move, and before long you'll be ready to start your next chapter in sunny Mexico!
Connect with those who have been there: If you are considering purchasing property in Mexico contact us. We have Canadian, bilingual real estate pros on both coasts in Mexico, ready to help you make the same move they did!
Moving to Mexico can be a great way to enjoy all the benefits of living in the sun with much more affordable costs and less stress. Whether you're looking for an investment property, retirement home, or just somewhere new to explore, there are plenty of helpful resources available to help make your move as smooth and successful as possible. So why wait?
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