Here's how much it costs to live in Mexico vs Toronto and other Canadian cities
Canadians are flocking to Mexico in droves, 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, forcing them to turn to other locales.
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. The real estate website has also broken down why Canadians are leaving all of the country's major cities. Many are even becoming permanent residents in Mexico.
From Victoria, BC, to Halifax, Nova Scotia, the common denominator for why Canadians are flocking to Mexico is a lower 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.
In Vancouver, rents are 250 per cent higher than in Mexico, according to Far Homes.
While Canadians know Vancouver as one of the most expensive places in the country for real estate, Far Homes suggests that it's one of the most expensive in the world.
"Consumer prices, including rent, are 52.9 per cent lower in Cancun, while rent prices are 71.2 per cent lower. You can also expect to pay 41.5 per cent less for dining out and 43.2 per cent less for groceries. The benchmark home price in Vancouver is $1,143,900, whereas, in Cancun, homes are, on average, 88.8 per cent less expensive to buy," Far Homes states on its website.
To add insult to injury, Far Homes says you can buy a two-bedroom, two-bathroom house in Cancun, under five minutes from the Cancun Hotel Zone, for under CND$200,000.
Calgary is known as one of the more affordable places to buy a home in Canada, but consumer prices in Cancun are 72.3 per cent lower without rent and 84.6 per cent lower, including rent. Costs at restaurants and grocery stores are also cheaper.
Rent prices overall are 122.5 per cent lower.
"And if you're in the market for a new home, Cancun is the place to be, with homes priced 72.7 per cent less than the benchmark home price in Calgary."
A new condo in Canun, with two bedrooms, two bathrooms and a pool, costs under CND$210,000."
The headline from Far Homes on Montreal is that you can get two beers for the price of one in Mexico.
That might not be reason enough for anyone but the biggest beer enthusiasts to relocate to Mexico, but the fact that consumer prices are 50.8 per cent lower in Mexico might be. In addition, rent prices are 34.9 per cent cheaper in Mexico City, while restaurant prices are 66.1 per cent lower.
"The weather is also much better in the winter with a 24 degree difference."
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