Cottages and Cabins
Cottage and cabin trends in Canada vary from province to province. Many of us have enjoyed escaping up north or to one of the Great Lakes for a weekend or a few weeks away in the summer.
There’s just something special about getting out of the city for a while and reconnecting with nature. We get to sometimes even leave technology behind if we choose to and explore the beautiful nature around us.
The cottage and cabin trends in Canada change with each generation. Today we’ll see what the differences are between Millennials and Baby Boomers. How each generation is using their vacation property, their interest in purchasing one and what that means to the real estate industry.
A Recent Study about Cottages and Cabin Trends in Canada
There was a recent study that showed 56% Canadian Millennials are interested in recreation properties. And that these numbers are higher than ever. That the percentage is up 14% from last year where is was 42%. In 2018 91% of these recreation properties were due to Baby Boomers. And they continue to be the driving force in 2019.
“We are finally witnessing the beginning of a long anticipated generational shift of buying power from Baby Boomers to Millennials. With the high cost of urban living taking many young homebuyers out of those markets, more Millennials are contemplating recreational properties as a viable option for home ownership.” Says Christopher Alexander, Executive Vice President, RE/MAX of Ontario-Atlantic Canada.
Livability Plays a Crucial Role
It’s also important to note that in a survey there was a reported 61% that named affordability as the most important factor. While livability also plays a crucial role in their selection process. And there was another 61% of Canadians that indicated that these recreation properties are places they enjoy. And that it’s a place where they can go and relax and spend time with family and friends.
In the same survey they found that 58% see these recreation properties as a getaway home. While 43% said they take part in activities that they normally wouldn’t at there terminate residence. And 58% of Millennials and 38% of Baby Boomers said that these properties are for those activities. For example some of those activities could be hiking, fishing, boating, etc.
Atlantic, Ontario and Western Canadians
We can now take a look at cottage and cabin trends in each region. The study found that 39% of Atlantic Canadians are looking for a property that’s secluded. While 25% of Ontarians and 28% of Western Canadians are looking for properties that are in good proximity to waterfront, towns and medical facilities.
Travel Time to Recreational Properties
The survey also discovered that 54% of Canadians travel 2 hours or less to their recreation properties. And that only 22% travel 3 hours or more. It seems that most Canadians want to have that escape from the city, but not have to deal with too much travel time.
“With recreational properties more in reach today compared to the past, Travelling to your cottage or cabin is often accompanied by the Friday and Sunday rush, meaning increased traffic and longer travel times. Therefor it’s reasonable for buyers to take shorter travel times into consideration when choosing a recreational property.” Says Christopher Alexander, Executive Vice President, RE/MAX Atlantic-Ontario.
Should You Consider a Recreational Property?
This is a great question and with the help of a REALTOR you can figure out if it’s something you’re ready for. There are lots of options depending on location and what your budget it. That’s why it’s so important to work with a REALTOR.
Contact Lori VanDinther Today
If you’re ready to start looking for a new home or a recreational property now is the time to contact Lori VanDinther. You can discuss next steps and if you’re curious to see what you home is worth, check out Lori’s What’s My Home Worth Calculator.