Despite recent sweltering summer temperatures, Canadians looking to buy a second home are seeking out the sun.
Mexico, the U.S. and Costa Rica are the three most popular locations for Canadians to buy a second home or vacation home, according to real estate search portal Point2.
By analyzing the search volumes for more than 2,000 real estate-related keywords, Point2 compiled data for 2022 on the most popular homebuying locations in the Americas, outside of Canada.
Within these two continents, Mexico remains the number one spot for Canadians to go house hunting. In the past 12 months, the country was the focus of almost 40,000 monthly real estate-related searches.
This popularity contributes to its 28 per cent year-over-year increase in searches, most recently focused on Puerto Vallarta, Tulum and Playa del Carmen. With the median home price in Canada reaching $665,850 in June, the lower average property price in Mexico and the lack of snow falling from the sky could be two factors upping this country’s appeal.
Even closer to home, the U.S. remains a very popular place for Canadian homebuyers to flock to. Currently hovering at around 18,000 monthly searches, U.S. real estate-related searches continue to increase as it claims second place to Mexico.
Where in the States tops the list? Maui, New York and Las Vegas are the three most searched locations within the U.S. for another year in a row.
Comparatively, in 2021 Canada was the second most popular location among Americans searching for their second home with Vancouver, Toronto and Hamilton accounting for the most monthly searches, according to Point2.
Costa Rica takes third place once again on the podium of most popular locations, just as it did in 2018 and 2021 when similar data was collected.
Most and least improved
Outside of the top contenders, El Salvador and Grenada have jumped 87 and 66 per cent, respectively, in the number of searches by Canadians.
While this puts them only at 27 and 23 on the ‘most popular' list, Canadians’ interest in these locations is evidently growing.
Meanwhile, number nine on the list, the U.S. Virgin Islands, fell 30 per cent in the number of searches and Turks and Caicos, in 13th place, fell 29 per cent.