Retirees focus on buying recreational properties

RE/MAX report finds South Okanagan desired place to retire

The line is becoming increasingly blurred between residential and recreational properties, says a 2018 recreation property report released by RE/MAX Canada.

The report find that housing characteristic change is being propelled by both retirees and those planning for their retirement.

“Last year, we found that Baby Boomers and retirees were increasingly selling their homes in urban centres like Toronto and Vancouver,” said Elton Ash, regional executive vice-president, RE/MAX of Western Canada, based out of Kelowna.

“It’s clear that many put the equity they received from those sales into the purchase of a recreational property with the intention to retire in comfort and away from the city.”

Related: Inventory not meeting buyer demand

Ash noted these buyers are seeking more active forms of retirement, choosing to maintain a physical fitness lifestyle and emotional fulfillment by pursuing passion projects, and seeing recreational properties as the means to achieve those goals.

He says this is particularly the case in such areas as the South Okanagan and the Ontario townships of Wasaga Beach and Rideau Lakes.

Due to the strong US dollar, retirees are also selling their snowbird properties south of the border and instead purchase recreational homes for use as retirement properties as well, says the report.

Other survey findings outlined in the report:

* Retirees are fueling demand as 91 per cent of regions surveyed reported that retirees drive demand for recreational properties; a stark contrast to the 2017 RE/MAX report which found them a dominant force in only 55 per cent of markets surveyed

* One in three survey respondents (33 per cent) say that they own or want to own a recreational property for investment purposes

* Buyers are increasingly renting in urban centres such as Toronto and Vancouver while purchasing recreational properties

* Other than affordable purchase price, waterfront rated as the most important feature to Canadians when considering spending time at a cottage or cabin, beating out reasonable maintenance costs

Just Posted

Ongoing dangers caused by flooding

Regional District Okanagan-Similkameen reminds residents of dangers posed by flooding

B.C. Interior flood risk diminishing

Snowmelt receding but rainfall impact remains a concern

Evacuation alert lifted for hundreds in Tulameen

Water levels receding, but some Tulameen properties still on evacuation order

Blast from the past

Ministry of Transportation shows a neat photo from Highway 3 in the South Okanagan-Similkameen

Interior Health launches water advisory map

Unique program to connect residents to drinking water advisories

Vancouver Island girl scores with winning song for BC Summer Games

‘Colours’ is a perfect theme for 2018 BC Summer Games

B.C. pipeline goes ahead despite scrapped Pacific Northwest LNG

NEB approves amendment for $1.4-billion natural gas North Montney Mainline Project

Update: Wildfire northwest of Kamloops jumps from 60 to 800 hectares

Ground crews and aircraft are responding to an estimated 50 hectare wildfire approximately 55 kilometers northwest of Kamloops, near the Deadman Vidette Road.

Feds limit chinook fishery to help killer whale recovery

Chinook is main food source for only 76 southern residents killer whales left

B.C. mom who died just before daughter’s wedding wanted family to be happy: twin

Ann Wittenberg was pulled into the ocean while on a surf board in Tofino last weekend

Courtenay-Alberni MP calls for lifeguards at popular surf spot near Tofino

The Pacific Rim National Park Reserve is defending its decision to cancel the surf guard program.

Harvey Weinstein to surrender in sex misconduct probe: officials

Would be first criminal charge against Weinstein since scores of women came forward

Study looking at declining mule deer population

Southern Interior mule deer project tracking deer movement and health

Media are not an arm of the police, Vice lawyer tells Supreme Court hearing

Ben Makuch challenges Ontario Court of Appeal ruling that he must give materials for stories to RCMP

Most Read