(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

Flood threat increases at Nelson’s waterfront

Peak expected between May 30 and June 1

MP Cannings’ long-awaited wood-use bill passes in House vote

The private member’s bill is his first to pass the House, a rare feat for rookie MPs in opposition

LETTER: Causing any species to go extinct is a crime

‘The earth is not dying. It is being killed’

COLUMN: A look back at May, 1968

Greg Scott: Touchstones of Nelson

L.V. Rogers grads shine spotlight on talent at annual fundraiser

Show set for Tuesday, May 29 at the Capitol Theatre

Black Press Media to launch Pipeline Full of Controversy series

Series covers Trans Mountain’s history, science, Indigenous reaction, politics and economics

Bug spray 101: Health Canada wants you to stay bite free

Health Canada is reminding Canadians to use bug spray and other insect repellents safely

Unions reject CP Rail contract offers

Both meeting Friday to determine next steps; 72 hours notice required before strike action.

B.C. jewellers warn public about fake gold scam

‘They are playing on people’s sympathy and their greed’

Hunt continues for two suspects in Ontario restaurant explosion

The explosion left 15 people injured, but all victims have now been released from hospital

B.C. teacher charged with sexual offences involving two teens

Henry Kang, 50, of Abbotsford charged with two counts each sex assault and sexual exploitation

Toronto Raptors star to hold basketball camp in B.C.

DeMar DeRozan is hosting a four-day camp for players aged 6-16 at the University of Victoria

Kootenay writer wins national book prize

Full Curl by Dave Butler has won the 2018 Arthur Ellis Award for Best First Crime Novel.

Military college students accused of violating Qur’an with bacon

Alleged acts by four cadets from the Royal Military College in Quebec caught on video

Most Read