The times are a-changing. Our family has a little log cabin, deep in the forests of Muskoka that my grandmother purchased 60 years ago in 1957 when the first wave of new immigrants embraced the Canadian dream of owning a cottage “up north” where a big piece of land could be bought for very few dollars. Nobody rented them out back then and I dare say, there was no dishwasher, microwave or TV back then but heck, we had a lovely out house and well with a working hand pump.
All these years later, the recreational property market is still alive and well according to the newly released, 2017 RE/MAX Recreational Property report. A few interesting things jump out:
- Almost half (43%) of Canadians would consider buying a recreational property in the next 10 years.
- 28% of Canadians with children under the age of 19 would consider selling their primary residence in order to help finance the dream of recreational property ownership.
- Almost two-thirds (65 per cent) of millennials (18-34 years old) expressed interest in purchasing a cottage, cabin or ski chalet in the next 10 years.
People also said they are willing to consider other options that include fractional ownership in a shared property, purchasing a recreational property with a friend or family member, and renting out the recreational property they purchase on a vacation rental website such as AirBnB (not easily possible in our area). By the way, I didn’t see anyone mention looking for something with an outhouse or hand pump well.
So it seems pretty well all demographics have an interest in recreational property and it’s a trend we see in areas like South Georgian Bay. We also are seeing people combine their secondary homes with their primary residences as telecommuting has become easier and more prevalent.
The times are changing with the what, why and how of recreational property always evolving but one thing never changes – people want a lifestyle that’s different from the urban experience.
You can read the full report here.
Marg Scheben-Edey is a Broker with RE/MAX four seasons realty limited, Brokerage in beautiful Collingwood, ON. With three decades of experience, Marg is a leader in the local real estate marketplace and is ready to help guide both Buyers and Sellers in achieving their real estate goals. Email Marg