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Attention Canadians – The Time is Now and the Place is Mexico!

Contrary to popular belief, Lorem Ipsum is not simply random text. It has roots in a piece of classical Latin literature from 45 BC, making it over 2000 years old. Richard McClintock, a Latin professor at Hampden-Sydney College in Virginia, looked up one of the more obscure Latin words, consectetur, from a Lorem Ipsum passage, and going through the cites of the word in classical literature, discovered the undoubtable source. Lorem Ipsum comes from sections 1.10.32 and 1.10.33 of “de Finibus Bonorum et Malorum” (The Extremes of Good and Evil) by Cicero, written in 45 BC. This book is a treatise on the theory of ethics, very popular during the Renaissance. The first line of Lorem Ipsum, “Lorem ipsum dolor sit amet..”, comes from a line in section 1.10.32.

The standard chunk of Lorem Ipsum used since the 1500s is reproduced below for those interested. Sections 1.10.32 and 1.10.33 from “de Finibus Bonorum et Malorum” by Cicero are also reproduced in their exact original form, accompanied by English versions from the 1914 translation by H. Rackham.

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Attention Canadians – The Time is Now and the Place is Mexico!

For extra than 50 years, the de fact global Forex has been the United States dollar with most of the international currencies being pegged in opposition to it (some international locations have even removed their own currencies in favor of the US dollar). As an instance, Canadians sense a sense of wealth whilst the Canadian dollar is on par with the US dollar; the other while the Canadian greenback devalues to .70 US dollar, i.E., whilst the Canadian dollar will buy only 70 cents worth of US items and offerings. The graph beneath suggests how the Canadian greenback has strengthened from $.77 US to $.96 US or through 25% all through simply the beyond seven months.

Currently, the global economic system is changing and as the US dollar maintains to erode, many overseas currencies have strengthened significantly drug buyers international list relative to the inexperienced again. Consequently, savvy Canadians have to now be looking at currencies outdoor of the United States and evaluating their own newfound buying electricity in the ones foreign countries. For example, the Canadian greenback has without a doubt exploded in price lately relative to the Mexican peso. The graph below depicts how the Canadian dollar has risen in value from an equal of 7.1 Mexican pesos in 2003 to twelve.6 pesos these days in 2009.

 

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Now, permit’s compare this boom within the purchasing electricity of the Canadian dollar to the increase in buying power of america dollar, each relative to the Mexican peso. The graph underneath in reality indicates that in this 6 ½ yr time frame the US greenback extended in cost by using a bit more than 20% relative to the Mexican peso whereas the Canadian greenback accelerated by way of a whopping seventy five%!

It is quite understandable, that towards the quit of 2007 whilst the Canadian dollar reached par with the US greenback, the Canadians had been essential shoppers of actual estate in Mexico. However, by March of 2009, the Canadian dollar had slipped to a low of $.77 US and Canadian shoppers had been truly removed from the Mexican real estate marketplace.

Next, permit’s intently overview the Canadian and US greenbacks relative to the Mexican peso during the past yr. Because the latest strengthening of the Canadian greenback has a ways outpaced the United States dollar relative to the Mexican peso, you’ll see that in the past year, the USA dollar has barely liked in fee over the Mexican peso even as the Canadian greenback has exploded in price by using nearly 25%. The ramifications that this phenomenon has had on the Canadian buying power in Mexico are addressed beneath.

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During the beyond decade many tourist zones and retirement havens in the motel regions of Mexico skilled exponential growth. Along with this boom got here big real estate rate appreciation; so much so that actual property expenses in many Mexican hotel cities had been not inside reach of many Canadian retirees, specially whilst the Canadian greenback plummeted in value in 2008. Well, we’ve got right information for you fortunate Canadians keeping those wonderfully sturdy Loonies; it truly is not the case!

In Puerto Vallarta, real property costs of these days constructed condos have dropped by way of everywhere from 20-35% in the course of the beyond yr alone. This reduction in cost was caused specially by way of the global recession, however the swine flu scare and the media hype over the border city drug war (1,two hundred miles away!) have been additionally contributing elements. With the fantastic glut of unsold new condos these days introduced to the marketplace through builders mixed with the numerous condos that were bought at pre-production prices by using speculators now just trying to get better their investment; PV is a true buyer´s market.

Last yr you can purchase a $four hundred,000 condo with all of the services and breathtaking perspectives for 10% off list charge or for $360,000. Today, you will don’t have any hassle finding that equal apartment presented at $300,000. Okay, that seems like a pretty great financial savings of nearly 17% however consider, those Mexican condos are all priced in US bucks; Canadians have to now evaluate these prices in phrases of Canadian bucks! A year in the past while the Canadian dollar became worth $.Seventy seven US, $360,000 US greenbacks was equal to $468,000 Canadian greenbacks. Today, with the equal apartment selling for $300,000 and the Canadian dollar well worth $.96 US, it’s going to price most effective $315,000 Canadian greenbacks. That’s a savings of $153,000 Canadian or 32.7% (in place of the apparent 17%) in only 12 months!

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Until as lately as four years in the past there were no mortgages to be had to any North Americans buying lodge belongings in Mexico. At that time, some of US primarily based mortgage agencies brought mortgages to US residents shopping for assets in Mexico but now not to Canadians. That all modified a couple of years in the past whilst the fundamental loan groups finally made the equal mortgages available to Canadians. These constant and variable fee mortgages require at least 20% down and may have phrases for as long as 30 years at charges normally approximately factors above the ones within the States or at about 7% presently.

It is the opinion of many that the Canadian greenback will hold to bolster. After all, the Canadian banks didn’t make all of the foolish sub-prime no-doc loans that have been made inside the US, the Canadian unemployment price is fairly less than within the US, and Canada is rich with herbal sources with worldwide demand. Knowing this, it seems simplest logical that having a mortgage in Mexico based totally on US bucks would be a totally smart investment; it might be paid off with ever strengthening Canadian bucks.

Let’s assume we bought that condo for $300,000 US ($315,000 Canadian) and made a down fee of $100,000 US ($105,000 Canadian). A 30 12 months fixed rate eight% loan of $200,000US would result in payments of $1,467/month US ($1,528 Canadian). Of route, if and when the Canadian dollar once more reaches par with the USA greenback, your bills might be reduced from $1,528 to $1,467 Canadian. Now, allow’s get a little aggressive and count on the Canadian dollar will attain $1.05US. At that alternate rate, your month-to-month mortgage bills might drop to $1,397 Canadian. It is not too a ways a stretch to expect an annual financial savings of $2,000 Canadian or extra primarily based entirely at the alternate rate differential. Of course, if the Canadian dollar had been to plummet for a few unforeseeable cause, these mortgages can be paid off after 2-five years (depending upon the loan) with out a pre-payment penalty.

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Finally, allow’s evaluate the cost of residing in Mexico. For starters, allow’s expect that a 12 months in the past we were thinking about a lifestyle in Vallarta based on a finances of $10,000 pesos per month. With the once a year inflation fee in Mexico of 5%, the same items and offerings in Mexico can be $10,500 pesos this yr. A little extra than a yr ago, when the Canadian greenback would purchase 9.5 pesos, $10,000 pesos changed into equivalent to $1,052 Canadian. Today, with the favorable exchange charge of 12.7 pesos in keeping with Canadian greenback, the $10,500 peso price range will cost a trifling $827 Canadian, i.E., a savings of $225/mo or a 22% reduction within the fee of dwelling in just 365 days!

In summarizing, it’s apparent that the time has in no way been higher for Canadians to discover the possibilities that exist in Mexico nowadays. International monetary instances are ideal for Canadians concurrently with the condominium supply and call for equation in Mexico closely tilted in favor of the purchaser. In terms of Canadian bucks, you may assume to find amazing condos at 30-35% lower prices than just a 12 months in the past and your price of residing will be 20-25% less than it changed into a year in the past.

Of the nearly 50,000 expats dwelling in Vallarta, we estimate that near 30% of them are Canadians. Needless to mention, the winter climate in Puerto Vallarta is more conducive to most outside activities (except snow boarding and ice hockey!) than everywhere in Canada. So, why hesitate? Come on down this iciness and feature a few a laugh inside the solar with your fellow countrymen and while doing so, keep a tremendous part of your nest egg to your retirement house in Paradise. It’s now actually well within your economic reach and as they say, “in case you snooze, you lose”; you may in no way discover a higher time or place to make investments those Loonies than now in Mexico!

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