Canada’s recreational home market is growing thanks to a new group of homebuyers claiming their piece of the cottage and vacation homes market.
As more Canadians work remotely, they 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. “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.
Both Gen Xers and Baby Boomers are part of the trend to purchase these properties, as they seek both work spaces and retirement properties.
“Canadians are taking action on their ‘retirement’ or ‘more relaxed work’ environment by investing into recreational properties at an earlier stage in life.” — Leo Manchisi
“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.”