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)

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.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Friends have identified the man killed in Friday’s shooting in Metchosin as Shane Wilson. (Shane Wilson/Facebook)
West Shore RCMP continue to investigate shooting death in Metchosin

Man killed on Sooke Road Friday night identified by friends

Ravi Jain, Why Not Theatre’s founding artistic director, will present a Zoom lecture as part of the University of Victoria’s Orion fine art series on March 8. (Photo: University of Victoria).
Award-winning directors highlight coming University of Victoria lecture series

The March 8 and 18 Zoom events are part of the Orion fine arts lecture series

Oaklands Elementary’s Division 5 Grade 4/5 class posed with Leila Bui (middle), her dad Tuan Bui (crouching to her left) and mom Kairry Nguyen (right) after presenting the family with a cheque for $710 raised by the students during a necklace sale in December 2020. (Photos courtesy Kairry Nguyen)
Victoria students raise funds for girl seriously injured when struck by vehicle in crosswalk

Oaklands Elementary class contributes to purchase of all-terrain wheelchair for Leila Bui

Saanich council recently adopted a 131-step climate action plan expected to cost $2.5-million in the first year of implementation. (Black Press Media file photo)
Tensions high as Saanich considers reigniting local area plan review

Majority vote pushes discussion to fall strategic plan check-in

Fire Chief Darren Hughes, right, pulls the old Firemans Park sign off ahead of the parks name change. The new sign for Firefighters Park is coming. (Oak Bay Fire Department Twitter)
Oak Bay changes the name of Fireman’s Park

New sign for Firefighter’s Park on the way

Const. Nancy Saggar, who has 11 years in policing, offers advice for other women who may pursue both policing and family. (Black Press Media file photo)
Pregnancy prompts sage advice from RCMP officer for women thinking about policing

West Shore constable with 11 years experience heads off on maternity leave

Rising accident rates and payout costs have contributed to billion-dollar deficits at ICBC. (Comox Valley Record)
B.C. appealing decision keeping ICBC injury cases in court

David Eby vows to ‘clip wings’ of personal injury lawyers

(BC SPCA)
Is it safe to give your dog some peanut butter? Not always, BC SPCA warns

Some commercial peanut butter ingredients can be harmful to dogs

Provincial health officer Dr. Bonnie Henry and Health Minister Adrian Dix provide a regular update on the COVID-19 situation, B.C. legislature, March 2, 2020. (B.C. government)
B.C.’s COVID-19 cases: 545 Saturday, 532 Sunday, 385 Monday

Focus on Prince Rupert, Lower Mainland large workplaces

Anyone with information is asked to call Nanaimo RCMP at 250-754-2345 or contact Crime Stoppers by calling 1-800-222-8477 or submitting a tip online at www.nanaimocrimestoppers.com.
21-year-old motorbike rider dies after crash with ATV on Nanaimo back road

Incident happened Sunday afternoon near Boomerang Lake

A special committee has been appointed to look at reforming B.C.’s police act and is inviting the public to make submissions until April 30, 2021. (Black Press media file)
Have thoughts on B.C.’s review of the provincial Police Act?

Submissions will be accepted until April 30

Cottonwoods Care Home in Kelowna. (Google Maps)
New COVID-19 outbreak at Kelowna care home includes fully vaccinated seniors: Henry

Two staff and 10 residents tested positive at Cottonwoods Care Centre

Excerpts from a conversation between Bria Fisher and the fake truLOCAL job. Fisher had signed a job agreement and was prepared to start work for what she thought was truLOCAL before she learned it was a scam. (Contributed)
B.C. woman warning others after losing $3,000 in job scam

Bria Fisher was hired by what she thought was a Canadian company, only to be out thousands

Most Read