Twenty-eight per cent of Canadians with children under the age of 18 say they would consider selling their primary residence in the city in which they live in order to purchase a cottage, cabin or ski chalet, according to a new survey conducted by Leger.
"Many Canadians with young families are determined to own a cottage or cabin and are willing to explore avenues to turn this dream into a reality," said Christopher Alexander, Regional Director, RE/MAX INTEGRA Ontario-Atlantic Canada Region. "As real estate prices in areas of Canada remain high, more buyers are exploring unique financing options such as fractional ownership in a shared property, purchasing a recreational property with a friend and even selling their primary residence and putting the equity into a cottage or cabin."
Increasing demand among retirees
A separate survey of RE/MAX brokers and agents found that 73 per cent of regions indicated that young families were a key driver of demand in their areas, including established recreational regions such as the Okanagan Valley in B.C., Canmore, AB, Collingwood, ON and the Laurentians in Quebec. In addition, retirees were also a key driver with 55 per cent of regions surveyed reporting an increasing demand among retirees.
"Large numbers of retirees and Baby Boomers nearing retirement are putting the equity they received from the sale of their home in cities like Toronto and Vancouver into the purchase of a recreational property," said Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada. "Significant price appreciation in those regions has made recreational property ownership a relatively affordable option for many retirees. This has in turn resulted in the price appreciation that we've seen in popular recreational property markets such as Whistler in B.C. and Haliburton in Ontario."