Canadian Buyers Look to Brazil To Buy A Second Home in 2023

CANADIAN Buyers seeking a country where they’ll have more purchasing power look to Brazil to buy a second home

For the same reasons Canadians look to Mexico and Portugal—good weather and a lower cost of living—they’ve also had their eyes on Brazil.

“The culture is very vibrant,” said Mike Smith, owner of property consultancy Brazil Beach House. “It’s 100% authentic Brazilian—you couldn’t be mistaken for being in Canada or America.”

In 2020, one Canadian dollar grew from 3.12 Brazilian real to 4 real. While the rate has since stabilized to around 3.8 Brazilian real, it’s still a good moment to invest in Brazilian real estate.

The country offers several options for residency, Mr. Smith said. One of them is via property investment: Those making a real estate purchase of 1 million real or more can apply for residency. Alternatively, Brazil offers a retirement visa, which offers residency to those with a monthly income of $2,000 or more. 

Mr. Smith said most of the Canadians he works with opt for Brazil over Mexico or the U.S. because they have some sort of connection to the country.

“Often, it’s not a random choice to come down to Brazil,” Mr. Smith said. The country—with its less-developed infrastructure, and stark inequality—tends to attract the more intrepid traveler, attracted to the country’s uniqueness and natural landscapes. Most second-home buyers in Brazil tend to come from Portugal and the U.K., according to a study by Knight Frank. 

“There are epic natural attractions in terms of mountains, waterfalls and tropical beaches,” Mr. Smith said. “It is the whole package—but it’s not for the faint-hearted.”

For those who do make the move, there are plenty of deals to be found. 

The northeastern state of Bahia offers miles of tropical coastline and is a focal point for luxury residential real estate development. Buyers there can find remote, sprawling villas surrounded by greenery or even properties on some of the private islands off the coast.

Prices in resorts along the northeast coast of Brazil are around C$452,000, or C$1,919 per square meter for villas and C$2,568 per square meter for apartments, according to a study by Knight Frank. Within the few ultra-luxury resorts, average values currently range between C$4,000-C$4,700 per square meter. 

For a more laid-back surfer vibe, Mr. Smith suggests Pipa, popular with international visitors and surfers. Homes there go for between C$200,000 to C$1.5 million, and tend to fetch good rental returns.

“In terms of property prices, you can get fantastic luxury homes at very affordable prices compared to North America and Europe,” he said.

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