(Wikimedia Commons)

More B.C. Baby Boomers selling city homes to retire at the cottage: survey

British Columbians looking to recreational properties near lakes and in rural B.C. regions

Retirees and Baby Boomers represent nearly all recreational property owners in B.C.’s cottage country, a new survey suggests.

Ninety-one per cent of popular spots in Canada, including the Comox Valley and the South Okanagan in B.C., belong to retirees, according to a report by RE/MAX Canada released Tuesday. That’s up from 55 per cent in years past.

No surprise that the sky-high housing prices in city centres like Vancouver have prompted many older homeowners to cash in on their investment and look for a cabin on the lake.

Advances in technology, such as stronger Internet in rural areas, as well as recreational properties being generally less expensive across the province, have allowed for some people to ease into retirement more slowly.

Some retirees are selling their homes in the city, and then renting in regions like the Lower Mainland and using their equity to buy recreational property in the Okanagan or rural B.C. as a second income.

“It’s a bit of a new phenomenon,” Elton Ash, RE/MAX Western Canada regional executive vice president said.

More retirees are veering away from retirement housing, the report suggests, and looking for more independence to pursue passion projects such as farming or maintaining vineyards.

“A return on the principle resident investment over 45 years has been very positive for people to enjoy things they otherwise wouldn’t be able to have in their lives,” Ash said.

The increase in demand has created a sellers’ market in the recreational housing sector – and a safe spot to land away from the speculation tax, he added. He said he doesn’t see the government looking to regulation anytime soon.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Nelson Leafs’ win marred by dangerous play

Nelson is undefeated through the first five games of the season

VIDEO: SPCA ushers in new era with Castlegar facility

$2.69-million project had ribbon cutting on Friday

Slocan seniors’ housing hosts grand opening Sept. 27

The society wants to give the public a glimpse before tenants move in and the weather changes.

LETTERS: Tom Fletcher analysis is as outdated as the Edsel

Dona grace-Campbell takes issue with columnist Tom Fletcher’s column on the carbon tax

VIDEO: Lydia Kania is here to skunk you

The Vallican track athlete has turned to cribbage in her senior years

Lions earn stunning 35-32 OT win over Ticats

Epic comeback lifts B.C. past Hamilton in CFL thriller

Czarnik nets 3 as Flames dump Canucks 5-2

Calgary picks up exhibition win over Vancouver

Ottawa to name new ambassador for women, peace and security, Freeland says

Chrystia Freeland also confirmed Canada would spend about $25 million to fund number of initiatives

‘A little bright spot:’ Ottawa residents rescue dog trapped beneath rubble

Freelance journalist says rescue of a dog trapped under rubble was happy ending amid chaos in Ottawa

B.C. deaf community wants different sign languages on federal accessibility act

Advocates also want Indigenous Sign Language to be recognized on the Indigenous Language Act

VIDEO: B.C.-born firefighter remembered by MP in emotional speech

Family asks first responders to look after one another in wake of suicide, growing concerns of PTSD

Airline has ‘close call’ with drone while en route to B.C. airport

Jazz Aviation reported the drone sighting near Vancouver to the RCMP and Transport Canada

Tragic accident claims life of B.C. toddler

Fundraising effort has been created to help mom and family

Most Read