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When making an international purchase, home buyers generally tend to factor in how many days they’re legally
permitted to spend outside Canada for taxation and healthcare purposes. Ease of access to the second property
through direct flights is one aspect to consider, along with ownership security. If a buyer is a Canadian immigrant,
they may choose to buy a property in their home country for convenience whenever they visit family and friends.

Canadians buying abroad favour single-detached homes
Home buyers might weigh their options between a
condo-style or single-family property, but when buying
internationally, most Canadians tend to prefer the latter.
“Single-family is often the preferred [property type],
followed by a condo,” said von Schoenberg. “A lot of that
is dictated in the area they’re buying.”
CREA’s 2021 international data shows 42% of Canadians
sought out a detached single-family home. However,
fewer Canadians purchased detached single-family
residences in 2021 compared to the previous year, down
3% from 45% in 2020. On the other hand, Canadians
have been showing a greater interest in condos, with
35% of international Canadian buyers seeking out a unit
in 2021 compared to 30% in 2020 and 2019.

When considering a property abroad, international buyers may look for specific traits and amenities. For instance,
some purchasers want a view or close proximity to the beach or waterfront. Like it has across other markets, the
pandemic has also shaped buyer preferences in international homes, like the property’s size and layout.

“If I’m now flexible and I can work from anywhere, the studio which might have attracted me for vacation only may
not be as attractive to me now,” said von Schoenberg. “I might now want a one-bedroom so I can at least cordon off
an area to work.”

Canadians are spending more, and home sales have risen in 2021 and 2022
When looking at where Canadians are buying internationally, prices and sales volume have increased over time—
trends that could stem from pandemic and economic factors.

The median price of a home purchased by a Canadian in the U.S., as reported by NAR, was $416,000 USD in 2022, up
slightly from $400,900 USD in 2021. This marks an increase compared to $292,300 USD in 2020 and $268,200 USD in
2019.

In 2022, Canadians spent $5.5 billion USD on existing homes in the U.S., totaling 11,300 home purchases. In addition,
Canadians bought 8,800 homes in the U.S. in 2021, noticeably lower than 18,300 properties in 2020 and 19,900
properties pre-pandemic in 2019.

With inflation and interest rates on the rise, real estate markets are changing. von Schoenberg said some buyers are
thinking twice about their decision to purchase abroad, whether they wait until they can afford their dream second
home or reduce that wish list. However, the desire to have a second home outside of the country is still there.

Are you looking for advice on buying in another country? Consult the advice of an experienced REALTOR® to walk you
through the process. If you’re a real estate professional, CREA Global offers a way for REALTORS® to connect through
exclusive networking events. There’s also the option to become a Certified International Property Specialist (CIPS) for
additional training on global business practices and how to assist international buyers. ■

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