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For many Canadians, purchasing property in the US and becoming ‘Snowbirds’ has become increasingly popular. Whether you are looking for a second home somewhere warmer or want to diversify your cash flow, investing in cross-border real estate has plenty of benefits to your overall health, lifestyle and wellbeing.
Another group leveraging cross-border real estate opportunities are Canadian retirees. While the pandemic created challenges, Statista reports that Canada was one of the top foreign buyers of residential real estate in the U.S. in 2022 (with a total of 5.5 billion U.S. dollars), and interest in U.S. properties is continuing to bounce back.
Here are a few of the most popular snowbird destinations for seniors and retirees.
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Sunny Arizona has been a longtime favourite for Canadian snowbirds, and it’s easy to see why. With its stunning scenery, warm temperatures and countless activities, it is one of the leading states to invest in cross-border today. Many have either purchased winter residences in Arizona or have decided to call it their permanent home.
Most snowbirds typically choose to settle in golf and condominium communities, while winter visitors might opt for the Western side of Arizona. Aside from being a haven for golf enthusiasts, residents can enjoy horseback riding, great shopping and dining, cultural events, hiking, and of course—spectacular scenic spots and vast blue skies.
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Cabo is a paradise destination in Mexico and beloved by cross-border investors, retirees and visitors alike. Not only is it a short, accessible flight from major Canadian cities, but the ability to purchase property with the U.S. dollar is another plus point for prospective buyers.
This seaside getaway is a beautiful and warm escape from Canada’s longer winters and rainy months. It also offers plenty of water and beach activities, golf resorts, hiking, shopping and a trendy art scene. Depending on where you go, it also has fewer tourists for much of the year, giving it a more serene and laid-back vibe.
On the property front, Cabo boasts properties with stunning architecture and a luxurious atmosphere for almost any budget.
Cora Los Cabos, one of these stunning properties (pictured below), features a spacious and contemporary architectural style and beautiful gardens surrounded by spectacular water mirrors.
Like many spaces in Cabo, it offers finely finished multi-bedroom apartments with air conditioning, and other amenities like a TV room, terrace, laundry room, covered parking and storage room.
Click here for more info on our Cabo Cross-Border opportunities.
Pictured: Cora Los Cabos
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With its mild, subtropical climate and more affordable pricing, Texas is another favourite for retirees and snowbirds looking to escape to somewhere warmer. This large state has plenty of major cities for retirees to call home, from charming San Antonio to Houston and Austin.
In addition to the many direct flights to and from major cities in Canada and Texas, you can also make it a road trip and easily drive there. In fact, renting RVs is a popular option for many visitors and snowbirds.
Texas is also known for its beautiful beaches on the Gulf of Mexico and offers plenty to see and explore. In the winter, snowbirds can enjoy flea markets, historic attractions, watersports, golfing, and excellent shopping and dining.
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The Sunshine State has long been a popular choice for snowbirds—and retirees in particular. Homes and general cost of living are more affordable compared to many cities in Canada, and like many other desirable locations in the U.S., it offers warm, sunny weather and lots to do.
Many properties for the 55+ market in Florida can also feel like a resort, with lavish gated communities, and plenty of great amenities. You can enjoy social activities, fitness classes, swimming pools and water sports, golf, and endless opportunities for world-class shopping and dining.
There you have it! Buying property is a fantastic way to plan for your retirement. When done well, with the right knowledgeable teams behind you, and with proper calculations and strategy, you can retire rich and gain powerful passive income.
Let us do the math and numbers for you! The team at Amy & Ally at Engel & Völkers Vancouver are Cross Border Real Estate Specialists.
We have selected Arizona, Florida, and Los Cabos as our three cross-border specialist areas for investment. These locations are absolutely fantastic as they either hold their value extremely well, generate strong cash flow returns, and are located in sub-areas that are poised for appreciation and strong economic growth.
Whether you are looking for snowbird properties for a second home, vacation-style property, a change of scenery, or simply investment properties to secure higher cash flow for your retirement, we will assist you every step of the way.
Listen to Amy Leong and Ally Ballam on Dave Knight’s First Responders Wealth Network Podcast.