The decades-long gulf between the US dollar and the Canadian "loonie" now has become a level playing field and Canadians are all set to play. With the dollar at par, Canadians can plainly see how much more they pay than Americans for everything from carpeting, couches and cars to real estate without knowing exactly why.

Cross-border shopping may make sense for "take it home with you" goods, provided you understand the regulations involved, but when it comes to real estate, be careful you're not like the man who found a horseshoe and then decided he better buy a horse.

As winter looms, dreams of owning a piece of sunshine have become affordable realities for many. Is it the southern US states that attract you, or would you prefer Mexico and other foreign lands where inflated "loonie"-exchange rates make Canadians feel richer away from home. Slower foreign real estate markets add to the value offering promoted to attract "loonie" buyers. US brokers, intent on finding qualified purchasers in their saturated markets, are among those actively inviting Canadian buyers to consider buying a foreign property.

As is true in any real estate market, there are great deals to be made, properties to avoid and charlatans to be wary of. When buying foreign property, bear in mind that there are more factors involved than simply purchasing a property down the street or in a distant province. Let your motto be scientist Louis Pasteur's observation: "Chance favours the prepared mind." Make your own luck by knowing enough to recognize true opportunity when you meet it.

Knowledge and forethought combined with a solid network of experienced supporters and advisors will guarantee that luck. The more you understand, the more flexible, resourceful and resilient you'll be whatever comes your way.

Don't hesitate to explore your choices and learn the complications faced in foreign purchases since just wondering if you should will leave you behind in real estate. Act now to become an informed buyer and potential owner, but approach contracts with great caution and top-notch tax and legal advice.

My earlier "Decisions & Communities" columns should help flesh out details and identify some complexities:

• Tax Considerations for Canadians Interested in US Ownership explains why "it's not the properties, but legal and tax differences between the two countries, and variations between states, that add complexity."

• Buying in the American Sun Without Getting Burned provides context for the buying decision and outlines how ownership differences and estate complications can cost you more than money.

The same challenges you face buying here await you in Mexico or other sunny shores. For instance, if Florida is your destination, there's lots to consider:

• Choices galore.

  Florida's coasts are fringed with condominium complexes, but the variety of sizes, designs and locations make "condo" not one choice, but hundreds. Take your pick from beach-front high-rise luxury suites with spectacular shoreline vistas, lush golf-centric self-contained communities, cosy pool-side townhomes or full-service resort-style living. Beyond condos, you'll find modest houses, manufactured homes in villages for retirees, elaborate villas, entire islands and everything in between.

• Community matters.

  Before you settle down in one corner of this tropical state, explore different locations from those friends have chosen. Remember they came at a different time and under different conditions. Make your choice of community and property type based on the current situation and your specific needs. You'll soon make new friends if you've chosen a truly compatible community.

• Lifestyle expansion.

  Keep in mind that you may develop a sunshine-filled winter life that is the complete opposite of how you live back home. Don't just look at what you do now. Investigate what you could do and what is popular in each area.

Government offices, tourism boards, and tax and legal advisors can be good places to start your inquires. Real estate brokers and salespeople can provide a wealth of local information and details on the purchase, but don't rely on them to do your homework when it comes to Canadian laws regarding health insurance eligibility and capital gains tax. Any "don't worry" or "just trust me" responses should sound the alarm that there is an information gap here that could cost you down the road.

The fact that thousands of Canadians buy foreign property should encourage you, but ask any cross-border expert and you'll hear that many of those purchases cause problems when it is time to sell, if illness strikes or when estate laws take over. Follow a friend into a community or a development, but do your own due diligence with financial and legal advisors who have proven cross border experience. Before you buy, ensure you understand as much about what will happen when you sell or if you (or the other owners) die. Understand lending differences if you will not be paying cash. Check into extended-stay health insurance limitations of time and insurability so you know how many days a year and at what cost, you'll be enjoying your piece of the sun.

Do a lot of "what if"-ing with advisors. Finding a location or a property you'd love to enjoy will not be hard. The real challenge is making sure you gain worry-free, hassle-free enjoyment and a protected long-term investment.

By the way, all of the above stands true if you'd rather buy a ski chalet, fishing retreat or a New York pied à terre. If it's not Canada, you have some learning to do.