Cancun, Q. Roo — They loved it here for Spring Break. Now, will U.S. and Canadian Baby Boomers think of Canada as a retirement haven? Real estate sellers hope so.
The Mexican Association of Real Estate Professionals (AMPI) is planning promotional campaigns to the north.
Trade missions will be carried out together with ProMéxico, that will link its offices abroad, said James Tobin Cunningham, president of AMPI Cancun.
Baby Boomers were born between 1946 and either 1964 or ’65, depending on your information source. The first Baby Boomers started to retire in 2010 at the age of 65, and 80 million U.S. and Canadian Boomers will be eligible to retire in the next 15 years.
Even the youngest Baby Boomers, who are just entering their 50s, are evaluating where to spend their old age.
AMPI wants them to retire south of the border, or at least buy a property here.
Their campaign will begin in the second half of the year, as cooler winds pick up, and warm destinations begin to look more interesting. Especially in the northern reaches of Vancouver, Toronto and Seattle.
“The Canadian is more prudent to buy a home but has the economic capacity,” said Tobin Cunningham, noting that the sun and beach become more compelling as Canadian temperatures dip below zero.
According to the Mexican Association of Retirement Communities (AMAR), in the country there are 27,000 foreign retirees who annually earn US $223 million, and by 2030 that number is expected to reach US $377 million.
Currently the most popular places for foreign retirees are Tijuana, Chapala and San Miguel de Allende.
In addition to private initiatives, the Ministry of Economic Development (SEDE) is working with the AMAR to convince retired Boomers to explore the real estate market here.
With information from SIPSE