ibarra Posted March 1 Report Share Posted March 1 According to XE.com: 1 USD = 18.0905 MXN 1 MXN = 0.0552775 USD Quote Link to comment Share on other sites More sharing options...
tomgates Posted March 2 Report Share Posted March 2 Get ready for a 17 handle. Quote Link to comment Share on other sites More sharing options...
Hud Posted March 2 Report Share Posted March 2 3 hours ago, tomgates said: Get ready for a 17 handle. Just couldn't resist, could you? LOL Quote Link to comment Share on other sites More sharing options...
Alpha1 Posted March 2 Report Share Posted March 2 as per XE.COM... 1.00 Canadian Dollar = 13.305425 Mexican Pesos Quote Link to comment Share on other sites More sharing options...
ibarra Posted March 2 Author Report Share Posted March 2 1 hour ago, Hud said: Just couldn't resist, could you? LOL He is only stating what has been quoted before, and, what economists have been predicting for at least the last year. Doesn't take a mental giant to see what is happening to the U.S. dollar worldwide. And from Alpha1 post, the Canadian dollar. Quote Link to comment Share on other sites More sharing options...
lakeside7 Posted March 2 Report Share Posted March 2 Realistically there are only 2/4 currency stronger than the $usd, Mexico and Brazil. These countries did not amas the debit fighting COVID and other subsidies, also have good energy reserves. With the recent announcement by Elton Musk to build a plant in Monterey , Mexico is becoming a auto manufacturing power house Quote Link to comment Share on other sites More sharing options...
RickS Posted March 2 Report Share Posted March 2 Is Elton Elon's brother? 😇 5 Quote Link to comment Share on other sites More sharing options...
tomgates Posted March 3 Report Share Posted March 3 Rick, ?? Quote Link to comment Share on other sites More sharing options...
ibarra Posted March 3 Author Report Share Posted March 3 This afternoon, received direct deposit of U.S. Social Security in MX bank at 17.97%. 1 Quote Link to comment Share on other sites More sharing options...
Natasha Posted March 4 Report Share Posted March 4 2 hours ago, ibarra said: This afternoon, received direct deposit of U.S. Social Security in MX bank at 17.97%. Bought something on Amazon.mx on Wednesday with CAD credit card. Showed up today.... $12.955 pesos to CAD OUCH!!!!! Quote Link to comment Share on other sites More sharing options...
BenjiBoy Posted March 4 Report Share Posted March 4 If we add in Mexico's inflation rate and then look at your real costs....we are in very deep dodo! Fred Habacht 1 Quote Link to comment Share on other sites More sharing options...
lakeside7 Posted March 4 Report Share Posted March 4 I guess the stronger Peso will bring more Mexicans into the real estate market in this area where the majority of home's are priced in dollars Quote Link to comment Share on other sites More sharing options...
HoneyBee Posted March 4 Report Share Posted March 4 In my neighborhood of Chapala you can buy a Taco for 9 pesos so do not despair 😊 1 Quote Link to comment Share on other sites More sharing options...
pappysmarket Posted March 4 Report Share Posted March 4 I remember going down to the old casa de cambio next to the Delegado Office in Ajijic every Saturday when we were renovating and building. Always hopeful of getting 9 pesos to the dollar and carrying them back in a large plastic bag to make payroll. Don't think I would walk around with that many pesos these days. Quote Link to comment Share on other sites More sharing options...
Natasha Posted March 4 Report Share Posted March 4 2 hours ago, lakeside7 said: I guess the stronger Peso will bring more Mexicans into the real estate market in this area where the majority of home's are priced in dollars Huh?? Advertised homes may be shown in dollars for convenience of foreigners, but they transfer over in pesos.... the only legal currency of Mexico. 1 Quote Link to comment Share on other sites More sharing options...
SunFan Posted March 4 Report Share Posted March 4 24 minutes ago, Natasha said: Huh?? Advertised homes may be shown in dollars for convenience of foreigners, but they transfer over in pesos.... the only legal currency of Mexico. Yes but it takes fewer pesos now to match the US dollar price. SunFan 1 Quote Link to comment Share on other sites More sharing options...
Alpha1 Posted March 4 Report Share Posted March 4 On 3/2/2023 at 5:17 PM, RickS said: Is Elton Elon's brother? 😇 1 Quote Link to comment Share on other sites More sharing options...
lakeside7 Posted March 4 Report Share Posted March 4 1 hour ago, Natasha said: Huh?? Advertised homes may be shown in dollars for convenience of foreigners, but they transfer over in pesos.... the only legal currency of Mexico. What is it you don't understand Natasha. If you're selling your house for $100,000.00 and the ex rate is say 17.9 then the Mexican is getting a better deal than if the rate was 20.00. You/ I , are still getting our $100,000.00 but the Mexican has to find less Peso to complete the transaction . Thanks but I don't need to be reminded about the legal currency in Mexico as I have speculating in the MX market for 25 years Quote Link to comment Share on other sites More sharing options...
Natasha Posted March 4 Report Share Posted March 4 not entering into this squabble with you coin seen from 2 different sides 1 Quote Link to comment Share on other sites More sharing options...
Mainecoons Posted March 4 Report Share Posted March 4 His point is correct. A Mexican buying property advertised in U.S. dollars will need about ten percent fewer pesos to buy, unless the dollar price is raised to compensate. As the local RE market seems to be cooling off, I doubt this will happen in most cases. I never have understood the general practice of pricing sales and rentals here in dollars. If the Peso continues to rise, and I think it will, this is going to be a two edged sword for both buyers and sellers here. We personally are planning for an exchange rate around 16. The last Mexican RE we bought, an apartment in GDL for our Oaxaca students, was priced in Pesos and we bought it at an exchange rate of 24. I don't see that happening again, probably never, and as long as the U.S. wallows in an ocean of red ink. Quote Link to comment Share on other sites More sharing options...
lakeside7 Posted March 4 Report Share Posted March 4 Maincoons I think history has shown ( with the exception of this "blip") that pricing your RE in dollars protects your investment. Besides the coastal sale of Condos etc I think places like Monterey and maybe other border cities are also priced in $. I am currently purchasing an apartment in the new Numie " hi rise" in La Foresta . My installment payment is in Peso and I am " hurting".. but this too will pass . Many Mexicans security blanket is land ownership, priced in Pesos, so they are happy Quote Link to comment Share on other sites More sharing options...
Mainecoons Posted March 4 Report Share Posted March 4 I checked some forecasts, some are predicting under 17 by June. However I think that could change if the Mexican interest rates stabilize and maybe even start to drop. That is a big driving force behind the rise of the Peso, the interest rates here having reached 11 percent. History yes, but what is different this time is the massive history making red ink NOB. At this point the debt there is like 120 percent of the GNP. History shows us that when other nations have gone this far in hock, the wheels tend to come off. No one up there seems to take this seriously. And if the Chinese and Russians and several others succeed in removing reserve currency status from the U.S. buck, all bets are off as to how far the dollar could fall. Mexico, however, has a strong vested interest in keeping the two currencies in some sort of range as Mexico is highly dependent on the U.S. for trade. Same goes for Canada to a lesser degree. A big jump in the Peso would be bad for Mexico exports to the U.S. and tend to push the U.S. back in the direction of on shoring. So I expect the Mexican government to take action shortly to stabilize things by cutting interest rates here. I'll be surprised however if we see anything like 20 again soon. It is true pricing in dollars worked on the positive side previously but now things seem to be going the other way. That was my point. 2 Quote Link to comment Share on other sites More sharing options...
ibarra Posted March 4 Author Report Share Posted March 4 https://mexiconewsdaily.com/news/peso-continues-to-strengthen-hits-best-level-against-the-dollar-since-2017/ Quote Link to comment Share on other sites More sharing options...
timjwilson Posted March 5 Report Share Posted March 5 In real estate listings, I believe all or at least most listings are set in pesos. This does not change with currency fluctuations. The US prices are there only for the mathematically (peso value) challenged gringos. Quote Link to comment Share on other sites More sharing options...
Mainecoons Posted March 5 Report Share Posted March 5 10 hours ago, timjwilson said: In real estate listings, I believe all or at least most listings are set in pesos. This does not change with currency fluctuations. The US prices are there only for the mathematically (peso value) challenged gringos. Well yes and no as the price when posted in dollars has not been getting changed as of yet despite the ten percent and growing drop we've seen. In effect, with no change, anything offered in dollars has had a ten percent price cut for anyone buying in pesos. If for example the peso continued to rise after a contract was written but before closing, the peso using buyer could get an additional discount off the USD price. The USD buyer would only see a variation in the stated peso sale price at settlement. In effect, that would be where the devaluation of the USD shows up. In this environment, IMO, it would be better to price in pesos from the beginning. As Tim noted, overall most Mexican transactions would be thus, it seems this USD pricing is largely an anomaly in heavily expat communities. It would be interesting for someone who is actively buying and selling property here to comment on what impact the ten percent devaluation thus far has had on sales and how exchange rates are being handled. Quote Link to comment Share on other sites More sharing options...
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