Where Do Canadians Buy Property Abroad? Snowbird Destinations for 2026

Published on: July 3, 2026

Quick answer: For decades the answer was Florida. In 2026 it is not. A weaker Canadian dollar, higher US insurance and carrying costs, and political friction have pushed Canadian snowbirds toward Mexico, Portugal, Costa Rica, Panama, the Dominican Republic and the Caribbean. This guide covers where Canadians are actually buying now, why each destination appeals, and the Canadian side rules (T1135 foreign property reporting, provincial health day counts, financing and currency) that catch buyers off guard.

For decades the answer was simple: Florida. In 2026 it is not. Canadian snowbirds are pivoting away from the United States and toward Mexico, Portugal, Costa Rica, Panama, the Dominican Republic, and a growing list of Caribbean islands. A weak Canadian dollar, sharply higher US insurance and ownership costs, trade tension, and political uncertainty have pushed a large share of Canadian owners to reconsider where they spend the winter and where they put their money.

The scale of the shift is real. A 2025 Royal LePage survey found that 54 percent of Canadian owners of US property were considering selling. Snowbird Advisor reported that international snowbird travel roughly doubled in a year, and the share intending to winter in the US fell from 82 percent to 70 percent. This guide covers where Canadians are actually buying now, why each destination appeals, and the Canadian specific tax and health rules that catch buyers off guard.

Why Canadians are leaving Florida

Several forces are pulling in the same direction at once:

• The loonie. A weaker Canadian dollar makes everything about owning in the US more expensive, from the purchase price to property tax, insurance, and daily costs during the winter stay.
• US insurance and carrying costs. Florida has become the most expensive US state for home insurance, with average premiums running into the thousands per year, and Arizona premiums jumped sharply over recent years. These costs hit Canadian owners in a currency that is already stretched.
• Trade and political friction. Tariff tension and a general sense of uncertainty have made some longtime snowbirds uneasy about the US, and Canadian land travel to the US fell more than 30 percent in 2025.
• A wider menu. Direct flights, established expat communities, and easier entry rules have made warm weather alternatives far more practical than they were a decade ago.

Not everyone is leaving. The US Sunbelt still draws Canadians, and many are simply moving within it, from hurricane exposed Florida toward drier Arizona, Texas, and Nevada. But the center of gravity is clearly broadening.

The top destinations for 2026

Mexico

Mexico is the standout alternative. Puerto Vallarta, Los Cabos, the Riviera Maya, and increasingly Campeche are drawing Canadian buyers with warm weather, lower costs, easy entry, and a deep expat infrastructure. One legal point to plan for: within the restricted zone (roughly 50 km of the coast and 100 km of a border, which covers most of the desirable spots) foreigners buy through a bank trust called a fideicomiso, or a Mexican company. It is a well established, routine structure, but its succession needs to be handled explicitly in your estate plan. See our Mexico fideicomiso guide.

Portugal

Portugal remains a favorite for its climate, safety, healthcare, and Algarve lifestyle, and it offers residence pathways such as the D7 visa for those with passive income who want to spend real time there. Portugal's residency by investment rules have changed in recent years, so anyone buying with a residency goal should confirm the current framework before assuming a property purchase delivers it. Our Algarve buyer guide has the tax detail.

Costa Rica

Costa Rica lets foreigners hold full freehold title on the same terms as locals, which removes a layer of complexity. Combine that with political stability, a strong expat community, and a long standing pensionado residency route, and it is an easy fit for Canadians who want ownership without workarounds. More in the Costa Rica foreign buyer guide.

Panama

Panama is one of the most straightforward markets for foreign buyers: generally no restrictions on foreign ownership, low closing costs, the US dollar as currency (which sidesteps some exchange risk), and a well known pensionado visa. For Canadians who want simplicity and predictability, it is a strong candidate.

The Dominican Republic

The Dominican Republic combines low entry prices with a light property tax regime, and foreign buyers are treated much like locals. It has become a practical option for Canadians who want Caribbean weather at a lower cost than the branded island markets. See the Dominican Republic foreign buyer guide.

The Caribbean: Barbados, Antigua, and beyond

At the higher end, branded residences in Barbados and Antigua are attracting Canadian buyers who want direct flights, safety, strong legal frameworks that feel familiar, and a genuine second home rather than a rental. Some Caribbean nations also run citizenship by investment programs, a separate consideration that appeals to a subset of these buyers.

The Canadian rules to know before you buy

Where you buy is only half the decision. As a Canadian, these home side rules shape the outcome:

• T1135 foreign property reporting. If the cost basis of your foreign property exceeds the reporting threshold (CAD 100,000), you have a T1135 filing obligation. Note that it is based on cost, not current market value, so a property bought cheaply that has since appreciated can still sit below the threshold.
• Provincial health coverage and day counts. Your provincial health plan requires a minimum physical presence in Canada each year. Ontario requires 153 days, Alberta 183, and British Columbia roughly six months, with some allowances. The typical four to five month winter abroad keeps most snowbirds comfortably within these limits, but a full six month winter needs careful day tracking. Buying foreign property does not itself affect your coverage. Only physical absence does.
• Currency and transfers. Moving large sums for a purchase deserves planning. Bank exchange rates and fees on a property sized transfer can cost meaningfully more than using a specialist currency service. See how to transfer money abroad to buy property.
• Financing. Many Canadian banks will not finance a foreign property, so buyers often need cash or a local mortgage in the destination country. Confirm your financing route early.
• Travel insurance. Provincial coverage does not follow you abroad. Comprehensive travel health insurance is essential for every day you are outside Canada.

Buying with confidence in an unfamiliar market

The upside of the shift is obvious: warmer economics and, in several of these countries, cleaner ownership rules than the fideicomiso and heavy carrying costs Canadians have grown used to. The risk is buying in a market you do not know, in a process that looks nothing like a Canadian closing, sometimes in another language.

That is the gap JanusHermes is built to close. We list verified, licensed agencies across Mexico, Portugal, Costa Rica, Panama, the Dominican Republic, and 50 plus countries in total, in English, so a Canadian buyer can see exactly who they are dealing with and work with a local team that handles the local process. If you are deciding between two or three of these destinations, comparing verified agencies side by side is a practical place to start.

Frequently asked questions

Where are Canadian snowbirds buying instead of Florida?
Mainly Mexico, Portugal, Costa Rica, Panama, and the Dominican Republic, plus Caribbean islands such as Barbados and Antigua. Within the US, many are shifting from Florida to Arizona, Texas, and Nevada.

Why are Canadians selling their US properties?
A weak Canadian dollar, high US insurance and carrying costs, tariff and political tension, and a wider set of practical alternatives. A 2025 survey found 54 percent of Canadian US property owners were considering selling.

Do I have to report foreign property to the CRA?
If the cost basis of your foreign property exceeds CAD 100,000 you have a T1135 filing obligation. It is based on cost, not current market value.

Will buying abroad affect my provincial health coverage?
No. Only physical absence from Canada affects it. Each province sets a minimum presence, for example 153 days in Ontario and 183 in Alberta, so track your days if you winter abroad for close to six months.

Can I get a Canadian mortgage for a property abroad?
Usually not. Many Canadian banks will not finance foreign property, so buyers typically use cash or a local mortgage in the destination country.

Compare verified agencies in your destination

Once you have narrowed the shortlist, the next step is a local team you can trust. Browse verified, licensed agencies across Mexico, Portugal, Costa Rica, Panama, the Dominican Republic and 50 plus countries on JanusHermes, in English.

This article is general information, not tax, legal, or immigration advice. Ownership rules, visa programs, tax thresholds, and health coverage requirements change and vary by province and country. Confirm the current details with a cross border accountant and qualified local professionals before buying.

A note on the numbers: where no source is named, the market figures in this article (prices, yields, costs) are indicative estimates compiled from publicly available market data and industry reporting at the time of writing. Markets move and rules change, so treat them as a starting point and verify current figures with official sources before acting on them.