Mexico Real Estate Viable Investment Alternative For Canadians

Canadians hopping to buy a second home vacation home or for rental income

, etc. - are going to find that this is getting more and more difficult, with prices associated with home ownership just going up. A comparison to Mexico real estate will show that buying in Mexico is becoming an increasingly attractive option for Canadian buyers.

Several of Canada's major banks predicted that the costs of owning a home in Canada will be on the rise during 2010 and 2011, with higher mortgage rates, and no significant drop in prices in the foreseeable future. It is expected that after this the balance of supply and demand will slow down the skyrocketing prices, but not necessarily making them more affordable.

Virtually across the board in Canada from the Atlantic to British Columbia, affordability of homes has declined during 2010. While some reports have noted that owning a home is still "within reach" for most Canadians, most buyers are looking for something a little more than just the minimum.

An average Canadian home costs around $450,000 these days. Compare this to Puerto Vallarta Real Estate, one of Mexico's tourism and real estate hot-spots on the Pacific Coast. For those interested in investment, and who like to take on a project, a fixer-upper in a gentrifying neighborhood can be bought for about $250,000 U.S. (which converts to only a little more in Canadian dollars these days.) Other homes in the same area sell for double that much. With a little investment into the renovation, the buyer has now made a considerable profit, or if they decide to keep the home, they will have their own dream home only a short walk away from the beach in one of the most pleasant, warm-weather climates to be found.

An AVERAGE condo in Canada goes for about $350,000. For $200,000 U.S., a new condo in a luxury Puerto Vallarta development, a beautiful view of the old town and the bay can be obtained, again only a short walk from the beach. These kinds of condos also provide excellent opportunities for income from vacation rentals.

Mexico MLS listings for many other cities throughout Mexico will show that Canadians have many options for buying homes, condos or land at lower prices than in Canada, and often with higher potential both for investment and lifestyle purposes.

If the housing prices in Canada are looking too pricy these days, take a look at Mexico.

by: Thomas Lloyd

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