Great article in today’s New York Times about buying real estate overseas (or, over the border, for that matter).
Where would I buy a condo if I was in the market for a second home? Vancouver, maybe (I’ve never been, but I hear the drug dens are to die for). Actually, I’m serious. Vancouver, or Toronto.
Those who are partial to cooler temperatures but wish to remain on this side of the Atlantic could head north to Canada. “It’s a great opportunity for kids today,” Mr. Michonski said.
Toronto is the financial headquarters of the country and three of its trendiest neighborhoods are among the most affordable.
“It’s a mini-Manhattan, but we’re decades and decades behind in terms of where you are with your price points,” said Michael Kalles, president of Harvey Kalles Real Estate (harveykalles.com) in Toronto.
The article includes this bit of helpful information:
Information about ownership laws in 24 countries can be found on WorldProperties.com. Click on “Country Info,” then “Business Practices.” Select a country from the drop-down menu. Where it reads “Select Business Practice,” choose “Foreign Ownership.” That will note any restrictions. In Mexico, for example, Article 27 of the Mexican Constitution of 1917 prohibits foreigners from owning residential real estate within 30 miles of any coastline or 60 miles of either border.
Complete article: A World of Affordable Choices – By Stephanie Rosenbloom, The New York Times