Brad Deering, 42, was shot outside his home in Escazu, near the capital San Jose, Costa Rican police said in a statement on their Facebook page.
The Department of Foreign Affairs has not confirmed the man's identity, only saying in an emailed statement that "our thoughts are with the family and friends of a Canadian citizen who passed away in Costa Rica."
It is believed Deering was from Vancouver because he lists the city as his hometown on his Facebook site.
Police say two gunmen — dressed as private security officers — broke into the gated community where Deering lived on Thursday.
They tied up a security guard, and attempted to burglarize the home, attacking four people inside. Deering was reportedly shot three times as he tried to escape.
Police say the suspects fled the scene, and that an investigation is underway. It is not yet clear if the attack was random or targetted.
The Department of Foreign Affairs warns Canadians to "exercise a high degree of caution and be vigilant at all times due to increasing levels of violent crime."
Canadian consular officials say they are in contact with local authorities to gather additional information and provide assistance to the family.
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