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The preferences of Canadian homebuyers for international properties have evolved in the aftermath of the pandemic's impact on remote work. The desire for oceanside homes has notably decreased, with fewer searches for such properties. Despite this shift, Mexico remains a top choice for Canadian buyers, with houses and condos garnering around 48% and 45% of total searches, respectively. Costa Rica has moved to the second spot, while the U.S. market has experienced a significant decrease in interest from Canadian buyers, reflected in both search volumes and actual transactions.

The overall trend indicates a decline in interest across the top 10 most coveted vacation home and investment property locations. The U.S. market has seen a notable contraction, with decreased searches for homes in prominent American cities and states. This decrease is in line with a broader trend reported by the National Association of Realtors (NAR), revealing a decade-low in international buyers in the U.S. real estate market.

Distinct buyer profiles have emerged, showing that Canadian buyers interested in Mexico's real estate market are often from the Gen X generation, with a preference for houses. Surprisingly, younger and older Millennials are also showing increased interest in Mexico's real estate offerings. Looking ahead, experts from the NAR are optimistic about a revival of international transactions in the post-pandemic landscape, expecting recovering international travel to boost foreign transactions in the coming months and years.

Read the full article on: REAL ESTATE MAGAZINE