5 Reasons Why Canadians Are Flocking to Mexico for Real Estate
It's always a good idea to invest in real estate or purchase a second home. There's no doubt about it. As long as you have the money to fund the purchase, you can go ahead and just do it. You always have the option to get a vacation home to stay in or to convert it into a rental so you could earn from it. But why are Canadians buying real estate in Mexico?
Why Are Canadians Flocking to Mexico for Real Estate?
Well, there are several reasons why Canadians are flocking to Mexico to buy real estate property. Here are the top five:
1. Mexico has pleasant weather all throughout the year.
One of Mexico's biggest draws is its generally warm and sunny weather, making almost every day of the year a perfect day for the beach.
And if you're a Canadian, this reason would be right on top of your list. Canadian winters, after all, tend to be freezing cold and the skies can get dark and dreary grey. In fact, temperatures throughout the winter are usually around or below zero degrees Celsius, even lingering between -5 and -15 degrees Celsius. Snowfall tends to get heavy in November and December. There are also areas that get more than their fair share of rain. This kind of weather can get you into hibernation mode or can quash any desire to go out and socialize.
Mexico, on the other hand, offers you loads of vitamin D. Temperature depends on what region it is, but on average, it ranges from about 9 degrees Celsius (48 degrees Fahrenheit) to 35 degrees Celsius (95 degrees Fahrenheit). Mexico does have a rainy season, but it is very short. And there are certain areas, like Playa del Carmen, that guarantee sunshine all year round. You’d just want to head out and soak up the sun, or even go swimming in the warm waters if you’re in a beach town.
So, yes, Mexico offers you a wonderful escape when Canada's weather gets too harsh or uncomfortable. This means that if you have your own place in Mexico, you don’t have to worry about booking a hotel or looking for a rental at a time when other Canadians are also scrambling to get away for the winter. You also don’t need to deal with the rising prices of accommodations during peak season.
What’s more, being in Mexico means being able to have fun outdoors any time, or getting a nice, natural tan instead of shoveling snow. You can say goodbye to that feeling of just wanting to stay in bed, all curled up under the sheets in front of the fireplace during the winter season.
2. Mexico has a much lower cost of living.
Living is a lot more affordable in Mexico than in Canada. As of February 24, 2023, Mexico's cost of living is 42% cheaper. This is based on data and on thousands of prices entered by various people and based on the exchange rate of 0.07370 CAD = 1 MXN. Specifically, food is 27% cheaper, housing is 53% cheaper, clothes are 6% cheaper, transportation is 46% cheaper, personal care is 48% cheaper, and entertainment is 37% cheaper. So if you take the money you have right now, it can buy or avail you of more things in Mexico
Mexico’s lower cost of living is one of the reasons why Canadians flock to the country and invest in properties here. With the Canadian dollar being able to go further in Mexico, you can spend more time just enjoying your vacation. You have more time to lounge by the beach and sip your cocktails, to try out new restaurants, to explore other towns or regions, to try out new activities, and to go out and meet new people. A three-day holiday in Canada could be a one-week or two-week vacation in Mexico.
Simply put, because of the lower cost of living in Mexico, and combined with good weather, you can have a better, more enjoyable, and more stress-free lifestyle here. You can live a more laid-back life and you can better focus on your family, your health, and your relationships.
3. Mexico has warm and friendly people and a rich and colorful culture.
Mexico is not just about its paradise-like beaches and its wonderful weather. It offers a rich history and a vibrant and colorful culture and tradition that beautifully mesh with the modern world. That means there is plenty for you to explore and learn from at your convenience. For example, Mexicans have many fiestas and celebrations, and these events are always full of merriment and rejoicing. They are always centered around family and the immediate community. And you're always welcome to join in the fun because Mexicans are very warm and welcoming.
In fact, Mexicans are considered to be one of the world's happiest and nicest people. They are religious and they value close family ties and their relationship with loved ones. Moreover, they are more relaxed and they stress less about the things that most people in first-world countries stress about.
Communication with locals is also not that difficult. Most Mexicans in major cities and in areas with lots of tourists can understand English, although many of them are still not very proficient in speaking it.
What makes Mexico’s people and culture a huge draw is that it gives you a sense of belonging, a sense of community, and even a sense of home. This way, you don’t feel too homesick if you stay for an extended period of time. It’s one of the most endearing things about the country. And learning about Mexico’s history, customs, and traditions is always exciting. It expands your horizons and gives you a much better understanding of the world. You’ll never find Mexico dull and boring.
4. Mexico has a thriving Canadian ex-pat community.
Mexico has an active ex-pat community, so you can make friends and share experiences with a bunch of other foreigners who have made the country their second home. However, if you are looking for Canadians in particular, you have an ever-growing number of them, too. In fact, Mexico is considered the most popular destination for North Americans who are looking into moving or settling down abroad.
It is estimated that there are more than 18,000 Canadians living part- or full-time in Mexico as of 2020. They are buying homes and are either living part-time or retiring in selected Mexican cities. You can see them settling in clusters or in gated communities. Some are even spread out in various Mexican communities.
Contemporary Canadian immigrants to Mexico are mostly made up of retired individuals who settle in the country's smaller and more peaceful towns and working professionals, including digital nomads, who live in larger cities. According to Canada's Department of Foreign Affairs and International Trade, around 6,000 Canadians live in Mexico, but only 3,000 of them are registered with the Canadian Embassy in Mexico City.
Additionally, the fact that more and more ex-pats are settling here, or that more and more Canadian tourists are visiting the country gives you the opportunity to earn from any Mexican property you purchase. You can rent out your house to tourists for a few days or a few weeks at a time, or you can go for longer-term rental arrangements with ex-pats or with digital nomads who opt for extended stays.
5. Mexico offers sufficient health and dental care.
While health and dental care in Canada are excellent, Mexico offers sufficiently good health care and dental care at very reasonable prices. This is something even Americans take advantage of.
The Washington Post reported in 2007 that dentists in Mexico charged only 20% to 25% of prices in the U.S. and that certain other procedures cost a third of that in the U.S. And according to The New York Times, Americans or U.S. residents who live near the border would routinely cross into Mexico for more affordable medical care.
Mexico's medical services are considered first-rate, and the country has been named the world's number two medical tourism destination. Several reports have said that the costs for certain medical treatments and surgeries in Mexico are a fraction of what they would cost in the U.S.
Mexico has both public and private healthcare systems, and in some cases, your healthcare plan or health insurance would cover medical expenses in Mexico. So before leaving Canada, you may want to check your health plan or look into international health insurance plans first.
Most cities in Mexico have at least one modern and world-class hospital with state-of-the-art facilities that are comparable with that of the U.S. and Canada. There are also highly competent, skilled, and experienced doctors and healthcare professionals with excellent records in terms of patient safety. Moreover, you can get treatment in Mexican healthcare facilities or hospitals almost without any waiting time and in lesser treatment duration.
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These are just five of the reasons why an ever-growing number of Canadians are flocking to Mexican real estate. There are actually a few more reasons, such as Mexico's relatively close proximity to Canada. Of course, with Mexico also being part of North America or belonging to the same continent, it is generally easier to travel between the two countries. Mexico is just a few short hours away by plane from certain Canadian regions. Plus, there are direct flights to most Mexican destinations. Of course, you can also get to Mexico via cruise ship, or you can just drive there.
Another reason worth noting is the great food. Mexican cuisine features flavorful dishes, like tacos, pozole, and enchilada, and you can enjoy them cheaply. The availability of local produce makes things much less expensive here, and you can expect premium quality when it comes to ingredients. Different regions have different specialties, and you can try them out when you tour the country. And the best thing is that you don't have to eat traditional Mexican all the time. Because of the growing number of tourists, it's easy to find restaurants that offer other international cuisines, too. In other words, there’s something for everyone here, and it’s easy to satisfy your cravings.
More importantly, real estate properties in Mexico are relatively cheaper compared to those in Canada. Even if Mexico’s booming tourism industry and ex-pat community have driven real estate prices to go higher over the last few years, they are still considerably more affordable. Sure, beachside properties are very expensive here, but they’re still cheaper than beachside properties in Canada. And because real estate prices in Mexico depend on what region, state, or city it is, you have plenty of options. You can buy a cheaper property in more peaceful and smaller towns, or go for a pricier one in a more densely populated and tourist-heavy area. All you need to do is weigh the pros and cons.
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