BARRIO – Canadians are flocking to Mexico, and not just because of its warmer climate.
A new report from Far Homes on Canadian migration to Mexico reflects many Canadians’ frustrations about the cost of living in Canada.
Far Homes is a real estate website that helps people buy homes in Mexico.
According to the Far Homes report, Canadians have been migrating to Mexico more than ever, at about 4x per year since 2020. Many are even becoming permanent residents in Mexico. You can’t ignore the cost of living.
Far Homes says Canadians have “100 per cent more purchasing power in Mexico.”
Toronto has one of the highest living costs in Canada, and housing is a massive part of it. Playa del Carmen in Mexico is a sunny location that would offer Torontonians significant savings.
“For example, you can save a lot on rent (106.6 per cent lower!), groceries (81.1 per cent cheaper!), and restaurants (122.0 per cent lower!). Even without factoring in rent, consumer prices in Playa del Carmen are 83.5 per cent lower than in Toronto.”
A two-bedroom, two-bathroom condo with an ocean view in Playa del Carmen’s downtown area is currently listed for only CND$340,000.