Baby boomers and retirees now account for 91% of recreational property sales in Canada, according to an annual survey of the recreational residential market by Leger for Re/Max Canada.
This is in stark contrast to last year's findings, when retirees were a dominant driving force in only 55 per cent of markets surveyed in the national study.
"Last year, we found that Baby Boomers and retirees were increasingly selling their homes in urban centres like Toronto and Vancouver," said Elton Ash, regional executive vice-president, Re/Max of Western Canada. "It's clear that many put the equity they received from those sales into the purchase of a recreational property with the intention to retire in comfort and away from the city."
The findings indicate that demand for recreational cottages or condos may be ramping up and that many are using it as their primary residence.
It found that one in three Canadians said that they own or would want to own a recreational property for investment purposes. In Toronto specifically, the survey of Re/Max brokers and agents found that in regions such as North Bay-Sunridge, Bancroft and the Bruce Peninsula, many owners of recreational properties actually rent their principal residences in Toronto, where they live most of the year.
A wrinkle in the research is that B.C. Millennials are also active buying small town recreational-type property, seeking, according to Re/Max, a “better work-life balance.”
