There is no doubt that the number of Brits buying and moving abroad has been increasing markedly. It is estimated that more than 2.2 million currently own property abroad and that, in the past six years, more than a million have emigrated permanently. Between 2000 and 2004, there was a 250 per cent increase in the number of British residents buying property abroad solely for investment purposes, and more than one and a quarter million Brits own second homes in Spain and France already.

Many people dream of a second home in Canada

While near neighbours Spain, France, Greece, Italy, Cyprus and Portugal seem obvious locations for second homes, Canada is increasingly moving into the frame for Brits and other buyers in the global homes market.

What’s the attraction ?

With Canada ranked in the world’s top 15 most popular tourist destinations, it must have something to offer.

Spectacular and diverse scenery, a laid-back lifestyle, an attractive cost of living, year-round sports, and political and social stability are just some of the factors that make Canada an attractive proposition. With travel also becoming easier, and the rise of long-haul holiday breaks making it seem like just a short hop over the pond, Canada is becoming a refreshing alternative to any number of European countries. And, in the most of the country, there’s no language barrier — always a potential sticking point for the language-shy Brits.

Another important factor is that residential property is also generally cheaper than in the UK, which, along with historically healthy appreciation, makes it a potentially good investment. In fact, some of Canada’s provinces boast property prices that rank among the lowest in the western world.

There is a strong belief that Canada has weathered the global recession better than most developed economies, thanks to a number years of budget surplus.  As a result, property in Canada has a chance of surviving the recession well and, although prices have fallen, the slide seems to have stabilised and there are now signs that they have started to rise.

But where in Canada?

Historically, every part of Canada has been home to British immigrants, but with travel time and cost probably being key criteria for those contemplating a second home, eastern Canada has usually been top of the list. Lower cost transatlantic flights, however, are opening-up the rest of Canada and the development of purpose-built year-round resorts is proving popular.

Generally cheaper than the west, eastern Canada boasts beautiful countryside and excellent sporting facilities, including winter sports. Flights into the UK and Europe are frequent and not too long. One of the most popular locations in the east is Muskoka’s “Cottage Country”, just two hours north of Toronto. It is so beautiful and accessible, yet remote, that it has even proved popular with Hollywood’s elite, including Steven Spielberg, Tom Hanks and Goldie Hawn, who all own property there. Lakefront properties with a genuine sense of tranquility, only a short distance from busy city life, are the attraction. In Québec, Mont Tremblant, just 75 miles north of Montréal, is fast gaining a reputation as a first class winter sports resort with the benefit of four-season facilities.

British Columbia, in the west, is arguably among the most beautiful areas in the world, with glorious mountains, lakes, rivers and beaches, and it also boasts Canada’s most temperate climate. Transport links with the UK are improving, with direct daily services from London to Vancouver (flight time approximately 9.5 hours).  Vancouver, though, is the most expensive area of Canada for residential property. The city, with the neighbouring ski resort of Whistler, is to host the 2010 Winter Olympics, which is expected to increase its attraction while leading to higher prices. A major lure for winter sports enthusiasts, Whistler, and nearby Blackcomb Mountains, are regarded by many as some of the best slopes in North America. They have also combined this with high-quality sports, such as mountain biking, hiking and golf for the non-winter seasons.

Also in British Columbia, Kelowna, on the Okanagan Lake in Okanagan Valley, draws homeowners from around the world because of its skiing, hiking, boating, watersports, vineyards and wineries and its hot, dry summers and cold, snowy winters.

The spectacular Rocky Mountains are just a romance waiting to happen, but property tends to be expensive. As much of it is situated within national parks, it is out of bounds to most purchasers. Canmore, in Alberta, is becoming popular though.  It is close to the Banff and Kananaskis national parks, only an hour’s drive from Calgary’s international airport (flight time to London nine hours) and in a temperate climate zone.  No surprise then that its population has doubled since it hosted the Winter Olympics in 1988.

In other parts of Canada, the west coast of Newfoundland and coastal New Brunswick are experiencing increasing traffic from the UK and Ireland. These areas are attracting attention from European investors who recognise the genuine value for money that can be achieved here, as most homes are right on the water and travel times are shorter.

Resort properties

Brits and other Europeans are increasingly appreciating the benefits of buying resort properties. Many are skiers frustrated by the higher costs and larger crowds associated with skiing in Europe. Most resorts, though, are now year-round facilities, with family-orientated attractions.  These help to extend the rental season and attract a wider range of purchasers. As a bonus, build quality is generally higher, maintenance is arranged by a management company, and capital appreciation tends to be very good, particularly in eastern Canada.

Martin Smith