Demand for recreational properties is soaring and it seems that some Canadian families are prepared to do whatever it takes to get their dream cottage or cabin.
A survey by Leger for RE/MAX found that 28 per cent of Canadian homeowners with children under 18 would consider selling their primary residence to finance a recreational property; especially those living in Canada’s two hottest markets.
"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.
Demand from the GTA or BC’s Lower Mainland increased 39 per cent and a separate poll of brokers and agents found that young families are driving demand for recreational homes in 73 per cent of markets surveyed.
Millennials are also keen to own cabins, cottages, ski chalets and other recreational property with 65 per cent expressing an interest including a quarter thinking of buying as an investment to help fund their retirement.
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