Canadians by nature are a cautious bunch when it comes to real estate and financial matters.
So it says a lot about the tiny Central American country of Costa Rica that it has caught the attention of a growing number of Canadians looking for recreation property.
Long known for its scenic beauty and for having one of the most stable democratic governments in Central America, Costa Rica has recently become a tropical hot spot for real estate.
Joan Demyen, broker/owner of Re/Max Gold Coast Realty in Costa Rica's Flamingo Beach, says when she pulled up roots in Canada more than 15 years ago and moved to the tropical paradise, it was probably seen as a daring decision by many people.
"I think definitely Canadians are more conservative," she says.
"They take their time more. But I think they have started to realize there are others places to buy real estate and many are finding Costa Rica now."
With the slowdown in the U.S. economy, the number of American buyers in Costa Rica has slowed, but interest in the country's real estate has spread around the world, says Demyen.
"Costa Rica seems like the place where people want to be," she says.
"There are a lot of Europeans, because the Euro is doing so well, and incredible amounts of Canadians. Our dollar is finally equal (to the U.S. dollar) and I think that really helps."
The attitude of the Costa Rican government is also making the country more attractive for foreign visitors and people looking to buy real estate, says Demyen.
President Oscar Arias, a Nobel Peace Prize winner, is committed to improving the tourism infrastructure of the country while maintaining its famous scenic beauty, she says.
"I think people really feel comfortable because he's making tourism (a priority)," says Demyen.
"The roads have all been repaired, we've got all kinds of new development, and we're going to have a lot of new hotels coming in. I think our president has been a real help in that respect."
Demyen says the Gold Coast area of Guanacaste province which she calls home was a quite different place 15 years ago, with almost no services and really nothing beyond pieces of land where early risk-takers were building homes.
"Things are changing. We finally have infrastructure. When I moved to this area in 1992, I read books for five years,"she says with a laugh.
"There was no TV, no radio, no Internet. Only land."
Now people buying real estate along the Gold Coast have access to supermarkets, malls, paved roads, and will have a new marina in a few years that is expected to give the area a further boost.
There is even local high speed Internet that Demyen says seems faster than what she uses during visits to Calgary.
"Those are all things that we want to have," she says. "It's a great thing to live on a beach, but it's another thing to be able to buy your groceries or get gas easily."
For Canadians looking to buy real estate in Costa Rica, Demyen has some advice.
Besides the obvious warning to not listen to a cab driver with a tip on some hot real estate deals, she says people should make use of an experienced local realtor and find a good Costa Rican attorney.
Because the process of purchasing real estate is different in Costa Rica, a Canadian attorney will not be able to complete all the various aspects of a purchase.
Demyen says most realtors have a list of reputable attorneys they can pass on to clients.
Another thing is to make sure that the real estate you are looking at is titled and not leased, which is the case with many beachfront real estate in some areas.
Around Flamingo Beach, the real estate on the ocean is titled, which has made it a popular area in which to purchase property, she says.
Prices for beachfront homes run around $1 million US, with a bare lot of about 0.1 hectares (one-quarter acre) costing $600,000.
In contrast, a lot in a subdivision perhaps two to three blocks from the beach might cost as little as $50,000 US, or about $240,000 with an already constructed home.
In the early days of real estate in the area, there was a real shortage of condominiums, says Demyen.
But that has been addressed in recent years to meet the needs of recreation property buyers who want a place they can "lock and leave," or rent out when it is not being used, she says.
A one-bedroom unit in a building a couple of blocks from the beach can be found for $120,000 US, while a two-bedroom unit would be about $200,000.
Luxury beachfront condominium projects are also being built, with prices for a typical two-bedroom suite of 1,200 to 1,4000 square feet costing $400,000 US.
Another factor in the growing number of Canadians who are buying in Costa Rica is the improved access, with the country's second international airport at Liberia serving the Golf Coast and North Pacific region, says Demyen.
There are direct charter flights from Calgary and Toronto that can have people arriving in Costa Rica only four to seven hours after leaving behind winter in Canada, she says.