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

Two new fires now burning in the Shuswap

Fire crews gain control of Perry River blaze between Sicamous and Revelstoke

Man charged in 2015 Sicamous robbery to be sentenced in August

Accused, who was shot by police, pleads guilty to three of nine counts.

Artists go canvas to canvas for Shuswap Hospital Foundation

Art Battle Salmon Arm fundraiser to help purchase fetal monitor

New book recounts devastating 2017 wildfire season

British Columbia Burning written by CBC journalist Bethany Lindsay

Unusually nasty odour repulses Chase residents

Village staff trying to get bacteria working in lagoons at sewage treatment plant

What’s happening

Find out what is happening around the valley this sunshine-filled May weekend

B.C. RCMP swoop in to save injured eagle

An eagle with a broken wing now in a recovery facility after RCMP rescue near Bella Coola

Run for beer along Penticton’s Ale Trail

The second annual Penticton Beer Run takes place on June 2

Bug spray 101: Health Canada wants you to stay bite free

Health Canada is reminding Canadians to use bug spray and other insect repellents safely

Unions reject CP Rail contract offers

Both meeting Friday to determine next steps; 72 hours notice required before strike action.

B.C. jewellers warn public about fake gold scam

‘They are playing on people’s sympathy and their greed’

Former B.C. premier says pot industry about to enter Wild West

Mike Harcourt says Canada is about to enter a new gold rush with many dreaming of striking it rich

Hunt continues for two suspects in Ontario restaurant explosion

The explosion left 15 people injured, but all victims have now been released from hospital

B.C. teacher charged with sexual offences involving two teens

Henry Kang, 50, of Abbotsford charged with two counts each sex assault and sexual exploitation

Most Read