A majority of millennials (56%) are in the market to buy a recreational property, up by 14% from 2018, according to a new RE/MAX survey.
Last year, 91% of recreational markets surveyed reported that baby boomers, especially retirees, were driving the recreational market. The rise in buying intentions among younger buyers marks the beginning of a new trend in this segment of the property market.
"We are finally witnessing the long-anticipated generational shift of purchasing power from baby boomers to millennials," said Christopher Alexander, RE/MAX of Ontario-Atlantic Canada’s executive vice president. "With the high cost of urban living taking many young homebuyers out of those markets, more millennials are turning to recreational properties as a viable option for homeownership."
Price remains a top consideration even for recreational property buyers, with 61% of respondents naming affordability as the most significant factor. However, liveability is also crucial in the selection process.
The survey revealed that 64% of Canadians enjoy recreational properties as places where they can relax and spend time with family and friends, while 58% see them as getaway homes. Meanwhile, 43% said that these properties enable them to partake in activities that they wouldn’t be able to do at their permanent residence, such as fishing and hiking.
When it comes to the actual property, Canadians who own or would consider owning a recreational property cited reasonable maintenance costs (46%), waterfront access (45%), and proximity to town (44%) as the most important factors for buying one.
These findings differ regionally, with more buyers in Atlantic Canadians (39%) looking for seclusion compared to buyers in western provinces (28%) and Ontario (26%).
The RE/MAX survey was conducted by market research firm Leger on Feb. 4-10, with an online sample of 2,003 Canadians (excluding Quebecers).
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