After the lockdown restrictions, people wanted to be with family again,” says Jason Binab, Managing Partner of The Agency Victoria in British Columbia. “They wanted their own recreational properties with a connection to nature and room for everyone,” he says. Between 2021 and 2023, Canada experienced a massive internal migration surge as people fled expensive urban centers like Toronto and Vancouver for more affordable regions—with rural Alberta and British Columbia seeing the largest population gains, according to the government agency Statistics Canada.

That housing boom met head-on with supply constraints and surging construction costs, and was further complicated by the country’s mandatory five-year mortgage renewal system. “In Canada mortgages are offered at one-, two-, three-, or five-year terms,” Binab says. “Every five years, homeowners have to sit down with the bank and negotiate their loan. If interest rates go up, or the owner’s income drops by 15%, they may not qualify for their home anymore. Often people end up having to sell.”

In attempts to stabilize the overheated housing market, the Canadian government implemented a 20% foreign buyer tax at the beginning of 2023, in addition to its 2% to 3% speculation tax. According to Binab, these restrictions often miss their target “Foreign buyers make up only 1% to 2% of total sales,” he says.

“Most foreign transactions are luxury properties that don’t compete with the average buyer.”

In 2025, the inter-Canadian migration surge has cooled. “Last year we had 15 sales above the C$5 million range. This year so far we’ve only had eight,” he says. However, some of those transactions are being replaced by a surge of Canadian-Americans returning from the U.S., with 33% of his sales this year being done by Canadians who are relocating back to Canada from the U.S., he says. “They’re worried about political instability. Also, the strong U.S. dollar offers a strong financial advantage to Canadian-Americans returning home.”

Canada enjoys low unemployment, strong natural resource sectors, and stable financial institutions, but rising inflation is driving up its housing costs. New tariffs on steel and equipment from the U.S. further compound pressures. Despite these challenges, Canada’s natural beauty continues attracting lifestyle buyers, with strong economic fundamentals and political stability providing underlying market support. Recent rate cuts are stimulating demand for properties priced around the C$1.5 million price point. “That market is heating up,” Binab says. “Especially if the properties have an extra rental suite that will generate extra income.”

The luxury market [US $600,000 and above] is driven by local high-net-worth buyers,” says Ricardo Umansky, Managing Partner of The Agency Mexico City. “We’re seeing a trend of high-net-worth individuals leaving the country, many moving to Spain [where they may be eligible for citizenship through ancestry or fast-tracked visas available to Latin American residents, according to Spain’s government website] or relocating their businesses and residences to the U.S. to avoid politics impacting their net worth.”

Moderately priced markets that fluctuate between US $150,000 and US $350,000, especially in popular tourist areas of Mexico City and other regions, are being affected by international buyers. “International buyers with higher incomes than the average Mexican citizen have increased prices in sought-after neighborhoods such as Roma Norte, Condesa, and Juarez,” he says. Popular tourist regions like Tulum and smaller towns along the Pacific Coast are also rising in value, driven in part by retirees from the U.S. and Europe.

Commercial real estate and development has been a strong cornerstone of Mexico’s economic growth over the past decade. “Mexico has always benefited from its strong commercial relationship with the U.S., but now we’re struggling with uncertainty because of the U.S.’s tariff politics,” Umansky says. “The possibility of a tariff war remains the biggest threat to the economy right now.”

A trade war could undermine the nearshoring advantage that has been driving Mexico’s economic growth. Nearshoring, a business strategy where companies move supply-chain operations to a neighboring country to reduce costs, creates more opportunities for Mexico, especially on the commercial real estate side.

Even with the threat of a trade war, Umansky sees Mexico’s commercial real estate as a potential bright spot over the coming months. “Commercial spaces are still seeing the biggest returns on investment, especially storage and industry dedicated spaces near the U.S.-Mexico border,” he says. “Our biggest economic potential lies in continuing with the nearshoring bonanza, providing products and services for the U.S. large commercial investments led by real estate investment trusts can help ensure stability for foreign investors.”

The real estate market continues to benefit from strong demand, fueled by economic diversification, lifestyle migration, and investor-friendly policies. “We are reaping the benefits from decisions made 40 to 50 years ago,” says Andres Riggioni, Managing Partner of The Agency Costa Rica.

While coastal property prices have stabilized following several years of sharp increases, the capitalization rate on investment properties remains over 10%. “Second-home demand remains strong in beach and mountain regions,” Riggioni says. “Prices are stabilizing after years of double-digit gains.”

In San José, primary luxury markets continue to attract both domestic and international buyers. Foreign interest, particularly from North America, remains high, supported by straightforward ownership rights, a $150,000 investor visa, and a popular digital nomad visa. European and Latin American interest is also rising due to improved airport infrastructure and Costa Rica’s reputation for stability.

Wellness-oriented communities and branded eco-developments are gaining momentum throughout the country as more people around the world put the health of the planet and their personal health front and center.

Costa Rica’s broader economic outlook is strong, too. The country’s shift beyond tourism into high-tech, medical manufacturing, and nearshore service hubs underpins real estate fundamentals. Political stability, fiscal discipline, and human capital investment attract skilled migrants and family relocations. Challenges include infrastructure strain, water limitations in parts of the country, and local pushback on international real estate investment.

However, the long-term outlook remains positive, with a maturing luxury market anchored by real demand and sustainable growth. “Costa Rica is evolving into a balance of lifestyle-driven buyers and serious investors,” Riggioni says.