Puerto Vallarta has one of the best climates in the world (some 320 days of sunshine per year on average!) and a profusion of natural beauty. The sprawling beaches attract hundreds of thousands of people every year. Many come here to vacation, while others come to live for extended periods.
With the low cost of living, high quality of life, excellent healthcare, tax benefits, lifestyle rich in culture, and close proximity to its northern neighbours, Puerto Vallarta is progressively becoming home to more and more Canadian and US snowbirds and retirees. The availability of affordable real estate in Puerto Vallarta and the relatively low cost of living help retirement savings go as far as possible.
These benefits also have been considerably strengthened for Canadians by the recent appreciation of their ‘Loonie’ against the American dollar and the Mexican peso. The proportion of Canadian homebuyers in Puerto Vallarta has been on the rise since 2007, but boosted by a stronger Canadian dollar, more and more Canadians are taking advantage of these favorable market conditions to purchase seasonal homes or primary homes for retirement.
Remember that since condos in Mexico are typically priced in US dollars, Canadians have always had to evaluate sales prices in terms of Canadian dollars. Not too many years ago when the Canadian dollar was worth only $0.77 US, a condo priced at $350,000 US dollars was equivalent to $454,545 Canadian dollars. Today with a condo selling for $350,000 US and the Canadian dollar worth $1.04 US, it costs only $336,538 Canadian dollars. The Canadian dollar appreciation works in a Canadian buyer’s favour to the tune of $118,007! That’s a whopper of a discount!
Also, until only a few years ago, Canadians made real estate purchases with 100% cash. That all changed when the major mortgage companies finally made mortgages available to Canadians. Over the last couple of years interest rates were generally about 7-8%. But just in the last few months, rates dropped to as low as 5.25%! It is worth repeating – interest rates are now as low as 5.25% in Mexico! You can use financing to purchase a property here at Rivera Cuale with as little as 25% down.
The bottom line as to Why More and More Canadians are Buying Homes in Puerto Vallarta is because now is an opportunistic time for Canadians. Prices are the lowest they have been in many years, the Canadian dollar is at its highest in years, and interest rates are the lowest they have ever been in Mexico. 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 know you are making an excellent investment.
Buying your new home at Rivera Cuale could hardly get any easier, so don’t wait…we never know when this golden opportunity could be gone!
Written by Jean-R. Talbot, Rivera Cuale
Email: jtalbot@riveracuale.com