There was a time when people from “out east” (i.e. Ontario, Quebec and the Maritimes) would head out west to enjoy a calmer life; and the plus – everything, including homes, was a lot cheaper.
Things have changed. While Albert is still more laid-back than Ontario and many other parts of the country, studies have shown that the oil-driven economic boom has brought with it many of the same problems that people thought they had left behind – stress, depression, busy lifestyle, etc.
And the icing on top of the cake: prices for everything, including real estate, have shot up.
No Longer Cheaper than Ontario
A recent report from the Calgary Herald shows that Calgary specifically has not only caught up with its busier, more hectic eastern counterparts, but surpassed them.
At $518,604, an average home in Calgary is now a full $100,000 above Ontario’s average, and seems to be on par with Canada’s 2nd most expensive city for real estate – Toronto. (Vancouver, at #1, still leaves the rest in the dust, with an average home price of about $800,000 last I checked. See CREA’s interactive map of more stats.)
Is it Time to Look to Mexico?
Where do you look for low-priced real estate? Well, you could look to the other prairie provinces. I heard Winnipeg is pretty cheap these days.
Or, if you like, beaches, year-round sunny, warm weather, beautiful places to discover, a rich and vibrant local culture and a low cost of living, you could consider Mexico. If you have a million dollars to throw around, you might look to Vancouver. Even in the rest of Canada an average vacation home is up around $1,000,000.
And again, the icing on top of the cake: Mexico real estate is very affordable.
What Are Mexico Real Estate Prices Like?
For example, if you are consider Playa del Carmen real estate, for less than $220,0000 – a full $50,000 less than the price of an average home in Winnipeg, and last I checked, there are no beaches in Winnipeg – you could get:
- beautiful 2-bedroom Mexican-style villa in a gated community
- a stunning 3-bedroom home on a golf course
- a 3-bedroom villa in a very small, private complex near the beach
Remember that this is also well under half the price of an average home in Calgary! So, even if you bought a home for a fraction of its current value, that equity would give you plenty of space to buy a that vacation property in Mexico.
So, Why Would You Move to Mexico?
People I know from Alberta love Alberta. But if you like it there, there’s no need to pack up and leave completely – especially since the economy is a very strong point.
A home in Mexico could be a vacation property, and then later for retirement. Or it could be for an early retirement; the cost of living is much lower.
Mexico’s thriving economy and booming tourism make real estate a good investment as well – both for appreciation and for rental income.
And the Final Word …
Canada’s economy is good – especially Alberta’s – and this has made the costs of living and real estate skyrocket. Mexico’s economy is also very good; but in the case of Mexico, costs have stayed much steadier, especially compared to Canada.
If Calgary is starting to look too expensive to you, take a look at Mexico.
Thomas Lloyd graduated from Purdue University Krannert School of Management with a degree in Management/Financial Option Investments. He has been living, investing, and working professionally in Mexico for over 16 years. In the summer of 2009, he received the first federally applied Mexico Real Estate Degree and Mexico Professional Real Estate License S.E.P. #5978657. He is the president of Top Mexico Real Estate. Contact him at (512) 879-6546.
The TOP Mexico Real Estate Network; “Mexico’s Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!”