Demolition awaits this beach front cottage at 3927 Cadboro Bay Rd after Saanich council removed the property from Saanich Heritage Register. The owners of the home, which plan to build a single family on the lot, have agreed to salvage “significant heritage elements” for reuse and or display. (Wolf Depner/News Staff)

Canadian millennials buy more recreational properties than boomers: survey

Study shows 56 per cent of millennials are looking at recreational real estate

A study done by RE/MAX shows the majority of millennials favour spending their money on recreational homes.

The RE/MAX 2019 Recreational Property Trends survey conducted by Leger found that 56 per cent of millennials are in the market to purchase a recreational property.

“We are finally witnessing the beginnings of a long-anticipated generational shift of buying power from baby boomers to Millennials,” says Christopher Alexander, executive vice president RE/MAX of Ontario-Atlantic Canada.

“With the high cost of urban living taking many young homebuyers out of those markets, more millennials are contemplating recreational properties as a viable option for home ownership.”

READ MORE: Okanagan real estate market heads into spring

Last year’s survey showed only 42 per cent of millennials were contemplating buying a recreational property.

Alexander said the numbers expose the start of a new trend in recreational buyer demographics in the 18 to 34 age group.

According to the survey, in 2018, 91 per cent of recreational markets surveyed reported that baby boomers accounted for the majority of activity.

“This new buyer demographic will bring a different set of lifestyle and property criteria than those of their Boomer counterparts,” said Alexander.

READ MORE: Regional real estate market decline continues

“Factors like Internet connectivity, access to recreational activities, and proximity to towns with urban conveniences are becoming more-important selling features.”

The survey also revealed 64 per cent of Canadians enjoy recreational properties to relax and spend time with friends and family, 58 per cent use them as a getaway and 43 per cent said they go to their property for hiking and fishing.

In that category, 50 per cent of millennials used it for outdoors activities while 38 per cent of boomers used their recreational home for activities like fishing and hiking.

“Owning a recreational property is all about liveability – those crucial criteria, such as the great outdoors, access to water, mountains and community that improve our overall quality of life,” says Elton Ash, regional executive vice president, RE/MAX of Western Canada.

READ MORE: Okanagan real estate market cools off

“It’s not surprising to see more millennials pushing into the recreational property markets. Recreational living is very much aligned with this generation’s quest for work-life balance and is representative of a growing trend of millennials choosing to make recreational properties their primary residence.”

The survey found more than half of Canadians (54 per cent) want or have their home-away-from-home two hours or less of a commute away. Only 22 percent surveyed their recreational property a distance three hours or more away.


@LarynGilmour
laryn.gilmour@blackpress.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Four fires still burning in West Kootenay

More than 25 fires were started by lightning in the last week.

New residential building under construction at Kerr site

Ground has broken on a four-storey, 44-unit mixed use building

Castlegar police seek dawn home intruder

Man walked into house at 4 a.m., asks son about mother

Nelson woman celebrated for achievement in literacy

Paulina Mason was honoured by the Columbia Basin Alliance for Literacy

Eleven communities to attract newcomers to support middle-class jobs

The program includes unspecified West Kootenay communities

VIDEO: Sexting teens at risk of depression and substance abuse, Canadian study says

Use of alcohol, cigarettes and marijuana were also found to be associated with sexting

VIDEO: Toronto Raptors announcer credited with calming crowds after shooting

Matt Devlin, the Raptors’ play-by-play announcer since 2008, was praised for preventing panic from spreading

Mini-horse visits residents at Lower Mainland care home

Gunner turned a visit with grandpa into a major event for everyone at the residence

Women sue former Vancouver cop over alleged sexual abuse during pimp case

Two women claim James Fisher caused psychological trauma during the Reza Moazami investigation

First ever Indigenous person to join the RCMP to be honoured in B.C.

Hawk Kelly said becoming a Mountie was his dream job as a kid

Deadline for cabinet to decide future of Trans Mountain expansion is today

International Trade Minister Jim Carr described the decision as ‘very significant’

Mom describes finding son ‘gone’ on first day of B.C. inquest into overdose death

Resulting recommendations could change handling of youth records amidst the overdose crisis

Dash-cam video in trial of accused B.C. cop killer shows man with a gun

Footage is shown at trial of Oscar Arfmann, charged with killing Const. John Davidson of Abbotsford

Suicide confirmed in case of B.C. father who’d been missing for months

2018 disappearance sparked massive search for Ben Kilmer

Most Read