According to a recent RE/MAX Recreational Property Report, most Canadians (68%) would rather spend a long weekend at the cottage or cabin rather than spend it in the big city, even on a getaway. Not only that, but Canadians in every region and of all ages are excited about cottage time.
Some other highlights of the report include:
- 21 per cent of Canadians would consider downsizing their main home in order to be able to buy a cottage or other type of recreational property.
- Brokers and agents in almost half of the regions across Canada are seeing an increase in buyers who intend to rent out their recreational properties, which is also becoming very common in Ontario.
- Most buyers of recreational property are retirees or families with children.
- Local recreational property markets are feeling the positive effects of Canadians wanting to stay close by because of a low Canadian dollar, rather than buying properties in the United States.
- The Peterborough and Kawarthas recreational property markets saw a 27.9 per cent increase in median price year over year.
- Low interest rates and high demand are expected to keep the Canadian recreational property market in full swing throughout the summer.