The proportion of Canadian home buyers in Puerto Vallarta has been on the rise since 2007, as they leverage their increased buying power in this warm-weather market. Boosted by a strong Canadian Dollar, many Canadians are taking advantage of these favorable market conditions to purchase seasonal homes or primary homes for retirement.
For example, one recent investor in Rivera Cuale had first thought to buy in Hawaii or the Caribbean. He wanted a vacation home where he and his wife could eventually retire. “We were looking for something exceptional, but we also wanted to make a good investment,” he said. Upon weighing the pros and cons of travel time and expense to Hawaii or the Caribbean, plus cost of living, versus Mexico, he realized the convenience and value of the direct trip to Puerto Vallarta, which sits at the same latitude as Hawaii.
He is now enjoying his gorgeous home at Rivera Cuale overlooking the Bay of Banderas, the river, the town and the mountains of Puerto Vallarta, and he couldn’t be happier with his decision.
Another Canadian buyer, upon retirement, decided to simplify her life and sell her house and business in British Columbia in exchange for the good life in Puerto Vallarta. She was one of the first buyers in Rivera Cuale and has since permanently relocated here.
Many Canadians are looking to Puerto Vallarta for the best investment for their dollar, and every day we are seeing more of them walking through the doors of Rivera Cuale, hoping to secure their perfect home – and doing so. According to the Mexican Tourism Board, more and more Canadians are vacationing in Mexico and then deciding to invest. Every year close to 2,500 Canadians invest in Mexican real estate, and this is expected to double over the next four years. It is estimated that by 2011, twenty-five percent of Canadians will be considering purchasing real estate in Mexico.
Aside from the obvious things like Puerto Vallarta´s beauty, charm, cuisine and fantastic climate, there are many practical reasons for this investment trend:
- Strong Canadian Dollar
- More direct flights
- Low cost of living
- Low property taxes
- Easy home maintenance
Currently, the Canadian Dollar is at a peak – on par with the US, and at an all time high since 1993 against the Mexican Peso – and is expected to stay that way for some time. While prices will be slow to adjust to the high-value dollar in Canada, this means that the same dollar will buy that much more in Mexico, in terms of real estate, large ticket purchases, and day to day items. As a topic, a lesson on exchange rates sounds rather mundane when compared to talking about one of the best climates in the world (some 320 days of sunshine per year on average!) or an exciting new culture to discover. However, if I said you could reduce your cost of living approximately 30% by purchasing a home here, compared to the cost of living in Canada or the US, would that pique your interest? You bet it would!
Aside from the strong Canadian Dollar, another factor is that new air routes and increased flights between Canada and Mexico now make it easier than ever to access Puerto Vallarta from most major cities in Canada, further fueling interest in south of the border living. Canadians can leave home in the morning and be poolside or on the beach by lunchtime. Less travel time means more leisure time!
Property tax in Puerto Vallarta is very low, saving a home owner thousands of dollars compared to property tax in Canada. And without a winter season that brings snow, home maintenance is easy! Especially when you have on-site property administration that can help to take care of your new condo, like at Rivera Cuale.
Considering all these advantages, Canadians contemplating a vacation or retirement home purchase would do themselves a great service by considering real estate in Puerto Vallarta. Specifically, Rivera Cuale presents one of the best opportunities for property investment in this tropical paradise. Spacious, high quality condos and the best in-town location draw renters and provide vacation home owners with a reliable income when they are not using their property. On-site property management, rental companies, acquaintances and the Internet make this type of income fairly easy to earn. And, even if you are not contemplating renting out your new home, keep in mind that Puerto Vallarta is a top, world class vacation and retirement destination that constantly attracts new investors to the market. As the economy recovers and demand returns to and exceeds its pre-slump level, property values will again be on the rise and may already be! This means, Puerto Vallarta is a top real estate investment choice for those looking for double digit return potential.
The attractiveness of the real estate market – and in particular for Canadians at this time – low cost of living, favourable climate, scenic geography, easy travel access and the Mexican culture ensure ongoing demand for property in Puerto Vallarta. Add to that Rivera Cuale’s fair pricing, great quality and amenities, unbeatable location in the heart of town, proximity to services and all the action, AND the authentic Vallarta lifestyle, and you see that Rivera Cuale offers buyers an excellent value proposition and unique investment opportunity.
So take some time to think about it – but not too much time! Opportunities like this don’t last forever, and while your compatriots are opening the doors to their new homes, you don’t want to be left behind saying “I wish I had…”
Written by Jean-R. Talbot
