{"id":358,"date":"2017-07-17T21:57:35","date_gmt":"2017-07-17T21:57:35","guid":{"rendered":"https:\/\/www.realestateleads.ca\/blog\/?p=358"},"modified":"2023-09-27T14:09:24","modified_gmt":"2023-09-27T14:09:24","slug":"getting-a-getaway-recreational-properties-set-to-become-increasingly-popular-purchases","status":"publish","type":"post","link":"https:\/\/www.realestateleads.ca\/blog\/getting-a-getaway-recreational-properties-set-to-become-increasingly-popular-purchases\/","title":{"rendered":"Getting a Getaway: Recreational Properties Set to Become Increasingly Popular Purchases"},"content":{"rendered":"
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\"Swimming<\/a> It could be a cottage on the lake, a chalet at the foot of a favourite ski hill, or even a cabin in the remote northernmost part of your province. Interest in buying a recreational property or vacation home is increasing amongst different buyer groups in Canada, and that trend is one that real estate industry professionals would be wise to take note of.<\/p>\n

Here at Real Estate Leads<\/a>, our online real estate lead generation system is a proven effective way for realtors to get more seller leads, and buyer leads too. In particular as it relates to buyer leads, realtors in less-urban areas of the country will want to take particular note of this trend as it may be that greater numbers of prospective buyers will be looking for a real estate professional to assist them with buying a recreational property in rural Canada.<\/p>\n

RE\/MAX is one of Canada\u2019s leading real estate agencies, and according to their latest recreational property report for 2017, 43% of Canadians would consider buying a recreational property in the next decade. Interestingly, 28% of them with children under the age of 18 would consider selling their primary residence to help finance that purchase, suggesting that it\u2019s not just financially sound soon-to-be retirees or investors that are weighing the market for these types of properties – even young families are increasingly determined to own a cottage or cabin and are willing to explore options to turn that dream into a reality.<\/p>\n

This is primarily a reflection of real estate prices in areas of Canada remaining high, and as a result more of these prospective buyers are looking into unique financing options like fractional ownership in a shared property, purchasing a recreational property with a friend, or even selling their primary residence, downsizing, and putting the differential equity into a cottage or cabin.<\/p>\n

Resourceful Millennials <\/strong><\/h3>\n

Equally interesting to note is that recreational properties are goal for Millennials too. Yes, the thought of having a getaway isn\u2019t exclusively appealing to the more secure generations, and while these young people may be facing much more in the way of career insecurities and the like they are still being smart and creative about how they can afford a recreational property.<\/p>\n

The same Re\/Max report pointed out above found 65% of Millennials are interested in purchasing a cottage, cabin, or chalet in the next decade, and 39% would use the property as an investment and list it on rental sites to help pay down the financing. Naturally, their interests are tied to locations that facilitate lifestyle more so than older buyers who are looking more for spots that are scenic and less busy.<\/p>\n

For example, young Vancouverites who accept there\u2019s no way they could get themselves a chalet in Whistler may be taking especial note of the upcoming redevelopment of Hemlock Mountain Resort just past Mission, about a 2 hour drive from Vancouver.<\/p>\n

Boomers Want to Get Away Too<\/strong><\/h3>\n

Not surprisingly, the baby boomer generation is tapping into equity to fund their own recreational property purchases. Large numbers of near-retirees and baby boomers nearing retirement are putting the equity they received from sold homes in cities like Toronto and Vancouver into the purchase of a recreational property. Significant price appreciation (and that may well be putting it mildly) in those regions has made recreational property ownership a relatively affordable option for many retirees. Accordingly, we\u2019re seeing price appreciation in popular recreational property markets such as Whistler in B.C. and Haliburton in Ontario.<\/p>\n

The Places to Be<\/strong><\/h3>\n

Other hotspots for recreational property purchase in Canada from Coast to Coast include:<\/p>\n