No matter where, what or who.... the keys are not the "Market Numbers" that the media splash around and are easily accessible to all - the key is the underlying economic fundamentals of not only the country, but the state (broke or not), the city (about to tax foreigners or not) and neighbourhood (growing with the right target people or not).
This Canada / US debate has always made me chuckle as people allow their emotions to really come to the forefront. I like to look at all of the items on the NEW Property Goldmine Scorecard, that way I can see market conditions 18 - 24 months in advance.
Then, when the target city is outside of Canada (for Canadians), we then look at:
1. Health of the Federal Gov't (UK/US/Spain) and what they will have to do to rectify their financial situation (i.e. tax foreign owners more than voters, add surtaxes on land etc)
2. Health of the local state/council/municipality as this will help determine who will be moving into the area.
3. Tax and liability laws that pertain to Canadians buying in these areas and what strategies are required to minimize the risk (i.e. NOT buying in a corporation across the US/UK borders)
4. Whether the NET NET NET return on my Canadian dollar investment (the bit that comes to me to spend after taxes/fees/levies/income taxes) is better home or abroad and will this momentum continue or is it a short term blip.
5. What is my currency risk.
6. What are my financing options. Does a higher down payment off-set the perceived return? In other words, where will MY portion of the money work hardest and gain its highest return.
That's how I look at it because we can always find media headline stories to support our positions (pro or con). I want facts.