Why More Canadians Are Buying Property in Mexico
Why More Canadians Are Buying Property
in Mexico
We sat down with Aaron Wong, a Canada-to-Mexico real estate expert who has spent years guiding Canadians through the process of finding homes south of the border. With Canadian housing costs skyrocketing and lifestyle expectations shifting post-pandemic, Aaron says Mexico has become a natural destination for buyers “who want more than just a winter escape.”
“Canadians aren’t only looking for a place to vacation anymore,” Wong explains. “They’re looking for affordability, a healthier lifestyle, and a sense of community they’re struggling to find back home.”
Why Mexico, Why Now?
In Vancouver, the average home now costs more than 12x household income. Toronto and Calgary are not far behind. Against this backdrop, quality condos in Playa del Carmen or Puerto Vallarta can often be found starting under USD $250,000.
“I’ve had clients who sold a small Vancouver condo and bought two properties in Mexico outright—with money left over,” Wong notes. “It’s a huge lifestyle upgrade.”
Beyond affordability, buyers are chasing wellness and community. Post-pandemic, many professionals and families want outdoor living, access to fitness, and walkable neighborhoods.
Hotspots for Canadians
Playa del Carmen (PDC): “It’s what Cancun was 20 years ago. Walkable, lively, and with a huge expat community.”
Tulum: Popular for wellness seekers and digital nomads, though buyers should be aware of infrastructure challenges like sewage and water.
Los Cabos (San José & Cabo San Lucas): A long-time luxury magnet. “It’s basically West Vancouver transplanted to Baja California,” Wong laughs.
Puerto Vallarta: “This is where retirees and younger buyers collide. You’ve got culture, community, and still some affordable options.”
What to Watch Out For
Buying in Mexico is very different than Canada. Wong warns of three key pitfalls:
Developers: Some projects aren’t properly structured under Mexico’s fideicomiso trust system. “If you don’t check the paperwork, you’re at risk.”
Notaries: Transactions run through notaries, who hold monopoly-like power. “Fees are higher, timelines slower. Mexico City notaries are usually the most reliable.”
Financing: Most Canadians pay cash or refinance in Canada. There are niche lenders like Caplink in Alberta, but it’s not like walking into RBC.
Market Trends
Since COVID, Wong estimates Canadian buying in Mexico has quadrupled, with demand strongest from Vancouver, Calgary, Toronto, and Quebec. Developers are adjusting by offering:
Smaller condos with 1–2 bedrooms
Rooftop pools and gyms
Communal spaces like BBQ terraces
“It’s not just square footage buyers want,” Wong says. “They want connection. They want spaces that help them live well.”
The Wellness Factor
According to the Global Wellness Institute, wellness real estate is projected to reach $1.1 trillion by 2029. Mexico offers a unique advantage: affordability paired with natural lifestyle assets—sun, surf, and community.
“In Mexico, you don’t need to pay a premium for wellness,” Wong emphasizes. “It’s built into the way of life—outdoor gyms on the beach, fresh food markets, neighbors who actually talk to each other.”
Final Thoughts
Mexico isn’t without risk—due diligence is essential. But Wong insists the opportunity is real for Canadians tired of the treadmill back home.
“The clients I help aren’t chasing a quick flip. They want a home base that gives them freedom, health, and connection. For many Canadians, Mexico delivers that better than anywhere else right now.”
BOTTOM LINE
For Canadians seeking affordability, wellness, and community, Mexico is emerging as a compelling alternative to the high-cost housing markets at home. With careful due diligence, strategic property choices, and a focus on lifestyle, buyers can enjoy a healthier, more connected way of living while maximizing value for their investment.
Level Up Mortgages is a mortgage broker team focused on helping the self employed, new immigrants, non-residents, and investors, access best rate and alternative lending in Canada. We have been nominated for best up and coming broker in Canada in 2021 and have been on CTV News and various publications because of our education-first approach to helping you always stay a step ahead of the process. Reach out to us for access to our first-time buyer course or a mortgage strategy session.
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Paul Davidescu (www.levelupmortgages.com)
Level Up Mortgages
604-809-3188
paul(at)levelupmortgages.com
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