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

‘It affects everybody:’ Trudeau’s brownface photos worry Wet’suwet’en chief

Skeena-Bulkley Valley Liberal candidate declines to comment on prime minister’s indiscretion

B.C. offers early retirement, training fund for forest workers

Communities eligible for $100,000 for permanent closures

Annual Terry Fox run held in the region

Fort St. James held their annual Terry Fox run at Cottonwood Park.… Continue reading

Power restored to 120,000 customers after northern B.C. transmission failure

Lightning is suspected to be the cause of the outage, says BC Hydro

PHOTOS: Young protesters in B.C. and beyond demand climate change action

Many demonstaers were kids and teens who skipped school to take part

Walmart to quit selling e-cigarettes amid vaping backlash

U.S.’s largest retailer points to ‘growing’ complications in federal, state and local regulations

Former B.C. lifeguard gets house arrest for possession of child porn

Cees Vanderniet of Grand Forks will serve six months of house arrest, then two years’ probation

Crown alleges resentment of ex-wife drove Oak Bay father to kill his daughters

Patrick Weir alleged in his closing arguments that Andrew Berry is responsible for the deaths of his daughters

‘I’d do it again,’ says B.C. man who swam naked, drunk in Toronto shark tank

David Weaver, of Nelson, was drunk when he went to Ripley’s Aquarium in Toronto on Oct. 12 2018

How to react to Trudeau’s racist photos? With humility, B.C. prof says

‘We are now treating racism as a crime that you cannot recover from’

Victoria man spots online photo of his totem pole 11 years after it was stolen

Mark Trueman restored the pole himself before it was stolen off of his property in Duncan

VIDEO: Fire destroys Williams Lake strip club targeted by past arson attempts

Diamonds and Dust Entertainment Lounge destroyed by fire, as well as New World Tea and Coffee House

Trudeau seeks meeting with Singh to apologize for blackface, brownface photos

‘I will be apologizing to him personally as a racialized Canadian,’ Trudeau said Friday

Most Read