In a newfound world that embraces the remote work revolution, Canadians are increasingly directing their real estate dollars outside of Canada and into second homes in dreamy — and often much warmer — spots.
This comes at a time when the cost of recreational properties in provinces like the already notoriously pricey British Columbia and Ontario soared to sky-high levels not long after the onset of the pandemic.
One scroll of social media last winter would reveal that a good handful of Instagram “friends” relocated — at least temporarily so — to warmer pastures in places like Nosara, Costa Rica and Miami. Many relied on sublet accommodations, but some actually bit the bullet and purchased second homes.
To discover this year’s preferences in out-of-country home-buying, Point2 analysts examined the search volumes for more than 2,000 real estate-related keywords in islands, countries, and cities outside Canada to find the 30 most popular locations for second homes in the Americas in 2022.
Puerto Vallarta
Mexico maintained its #1 position as the most popular home buying location, recording a 28% increase in searches, with dreamy locations like Puerto Vallarta, Tulum, and Playa del Carmen being the most searched destinations.
South of the border, the United States retained its #2 position on the podium, with Maui, New York, and Miami in the top preferences for Canadian homebuyers.
Costa Rica takes the #3 spot for the fourth year, with a 23% increase in monthly searches, of which Tamarindo, Jaco, and Nosara took the largest share.
Meanwhile, Canadians’ interest grew the most over the previous 12 months in El Salvador and Grenada, with real estate-related searches for these locations increasing by 87% and 66%, respectively. With a 34% jump, the Dominican Republic saw the most significant increase in the number of monthly searches of all of the countries in the top 10 most desirable home-buying locations.
“We have experienced exponential growth, and this is due to several factors. First of all, it’s worth highlighting the knowledge of more than 14 years in the real estate area that added to the tools we use and the incorporation of more than 16 agents nationwide, along with all the advertising established in the different social networks,” says Felix Del Valle, of Bienes Raices Dominicana Real Estate.
“This added to the issue that we all know about the pandemic and the desire of people to go out and invest in other destinations. At that point we understood that the attraction to our country is due to the excellent investment climate offered by the economic stability and great opening offered by the central government, the Dominican Republic being one of the first countries in the region to open its doors to tourism and foreign investment for economic reactivation. All these factors have generated this real estate movement in our country,” he continues.
Dominican Republic
It should be noted that the two countries that saw the most significant increases in interest and the number of monthly searches didn’t make the top 30: Real estate-related searches in Guyana and Dominica went up 254% and 112%, respectively, but that wasn’t enough to earn the two locations spots on the list.
In the last year, searches increased for 17 countries on this list and fell for the other 13 (although they still made the list due to their significant search volumes). Notably, the largest drop in the number of real estate-related keywords was for the US Virgin Islands (-30%), followed by Turks and Caicos Islands (-29%) and Ecuador (-29%).
Not surprisingly, the common denominators are that most of the top spots are in a warm climate (and — judging from last year’s brutal winter — why the heck not?) and feature relatively affordable real estate compared to parts of Canada.
Written By Erin Nicole Davis
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Erin Nicole Davis is a born and raised Toronto writer with a passion for the city and its urban affairs and culture.
HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.
Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.
Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.
The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.
Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.
They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.
The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.
This report by The Canadian Press was first published Oct. 24, 2024.
Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.
Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.
Average residential home price in B.C.: $938,500
Average price in greater Vancouver (2024 year to date): $1,304,438
Average price in greater Victoria (2024 year to date): $979,103
Average price in the Okanagan (2024 year to date): $748,015
Average two-bedroom purpose-built rental in Vancouver: $2,181
Average two-bedroom purpose-built rental in Victoria: $1,839
Average two-bedroom purpose-built rental in Canada: $1,359
Rental vacancy rate in Vancouver: 0.9 per cent
How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent
This report by The Canadian Press was first published Oct. 17, 2024.
VANCOUVER – Voters along the south coast of British Columbia who have not cast their ballots yet will have to contend with heavy rain and high winds from an incoming atmospheric river weather system on election day.
Environment Canada says the weather system will bring prolonged heavy rain to Metro Vancouver, the Sunshine Coast, Fraser Valley, Howe Sound, Whistler and Vancouver Island starting Friday.
The agency says strong winds with gusts up to 80 kilometres an hour will also develop on Saturday — the day thousands are expected to go to the polls across B.C. — in parts of Vancouver Island and Metro Vancouver.
Wednesday was the last day for advance voting, which started on Oct. 10.
More than 180,000 voters cast their votes Wednesday — the most ever on an advance voting day in B.C., beating the record set just days earlier on Oct. 10 of more than 170,000 votes.
Environment Canada says voters in the area of the atmospheric river can expect around 70 millimetres of precipitation generally and up to 100 millimetres along the coastal mountains, while parts of Vancouver Island could see as much as 200 millimetres of rainfall for the weekend.
An atmospheric river system in November 2021 created severe flooding and landslides that at one point severed most rail links between Vancouver’s port and the rest of Canada while inundating communities in the Fraser Valley and B.C. Interior.
This report by The Canadian Press was first published Oct. 17, 2024.
