New demographic puts recreation homes in demand

The growth of Canada’s recreational home market is not all about retirees and family vacations, there’s another growing cohort of homebuyers wanting a piece of the cottage and vacation homes market.

As more people change the way they work – either as part of the gig economy as freelancers, or by the ability to work remotely – a rising number are shunning the city life for a more relaxed home-working environment.

Sotheby’s International president and CEO Brad Henderson says that he has seen a growing trend for people leaving Montreal or Toronto and basing themselves in the Laurentians or Whistler.

As remote working or ‘telecommuting’ becomes more prolific the choice of where to work will expand.

“I think it will further enable the larger trend of working from places that you like," Henderson told CTV News.

A recent report from Royal Le Page forecast that Canada’s recreational homes market is set for expansion with the price by the end of the 2018 summer market up 5.8% year-over-year to $467,764.

Gen Xers remain the largest group of buyers but Baby Boomers are also gaining share as they seek great places to retire.

“The market is being driven both by those in search of the retirement home of their dreams, and as a place to introduce children to the wonder of the world’s largest and most pristine collection of wilderness areas,” said RLP CEO Phil Soper. “Not only do these families view recreational property as a good investment due to its relative affordability and history of steady appreciation in value, but also as a means to start the next exciting chapter of their life.”

Now it seems, those in the prime of their working lives could be part of that mix too.

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