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

Trial dates set for three men accused of 2017 killing near Hope

Lawyers for the accused appeared in Kelowna at B.C. Supreme Court on Monday

Abbotsford council OKs bus-to-SkyTrain plan

Fraser Valley Express would begin running to Lougheed Station by start of 2021

Wildfire threatens weekend campers at Chehalis Lake

The fire started on the north side of Chehalis Lake Saturday

Chilliwack car show cancelled due to weather forecast

Popular Village Classic car show will not be rescheduled, say organizers

Agassiz author pens a kingly book

Long-time writer and producer Alexander Hamilton-Brown just finished his first novel

Video shows fireworks shot at swan in Alberta

Alberta Fish and Wildlife is investigating the incident in Grande Prairie

Grey-haired bank robber hit with dye pack in Langley heist

Police are looking for an older man who may be stained with dye

‘Text neck’ causing bone spurs to grow from millennials’ skulls, researchers say

Technology use from early childhood causing abnormal bone growths in 41 per cent of young adults

B.C. teen killed by fallen tree on field trip remembered as hero

13-year-old Tai Caverhill was the first to spot the tree falling and warned his friends

Surrey RCMP raises Pride flag amid din of protesters

There were about 30 protesters on either side, and 20 Mounties doing crowd control

Should B.C. get rid of Daylight Saving Time?

The province wants to know, as state governments down south make the move

Air Canada reviewing how crew left sleeping passenger on parked plane

In a Facebook post, the woman said she woke up ‘all alone’ on a ‘cold dark’ aircraft

Canadians crash out of Women’s World Cup in 0-1 loss to Sweden

Canada missed a chance to tie the game on a penalty shot

New Lower Mainland bistro caters to board game fans and families

Local food and games at every table is the formula for the new business

Most Read