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

British Columbians pay more for goods and services than most other Canadians

Year-to-year inflation rate up 2.2 per cent in October second-highest rate in Canada

Six-storey, 102-unit residential complex proposed for main Esquimalt intersection

Praxis Architects Inc. wants to see the development at Lampson Road and Esquimalt Street

Grumpy Taxpayer$ invite the public to its 2019 annual general meeting

CRD chair Colin Plant serves as guest speaker at Nov. 27 meeting

Sidney’s queen’s portrait announcement expected before Christmas

Return awaits completion of town crest, First Nations artwork

Resident pushes for electric in Saanich’s leaf blower replacement plan

Saanich owns more than 80 leaf blowers, 51 of which will expire by 2025

Greater Victoria 2019 holiday craft fair roundup

Get a jump on your holiday shopping

POLL: Do you plan on making any purchases on Black Friday?

We’ve all seen the images. Shoppers rioting outside of a store in… Continue reading

Greater Victoria Crime Stoppers wanted list for the week of Nov. 19

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Eagles congregate around Salish Sea for one last feast before period of famine

Mountainaire Avian Rescue Society preparing to receive birds in need of care

Smudging in B.C. classroom did not affect Christian family’s faith, says school district lawyer

Lawyers make closing arguments in a Port Alberni case about the Indigenous cultural practice

Canadian Forces member charged with possessing magic mushrooms in Comox

Master Cpl. Joshua Alexander, with the 407 Maritime Patrol Squadron, facing two drug related charges

Most B.C. residents, including those hit by 2018 storms, not prepared for outages: report

Create an emergency kit, BC Hydro says, and report all outages or downed lines

Study finds microplastics in all remote Arctic beluga whales tested

Lead author Rhiannon Moore says she wasn’t expecting to see so many microplastics so far north

Most Read