Recreational homes demand driven by Gen X

Canadians aged 36 to 51 (Gen X) are the main buyers of recreational properties according to a report from Royal LePage.

Its report profiles typical buyers as couples with children (according to 76 per cent of the advisors who responded) with Gen X making up 63 per cent while Baby Boomers (52-70 years old) making up 33 per cent.

“We found it interesting that a majority of respondents identified retirement as a driving factor for a recreational property purchase consideration, but Gen Xers, still decades from retirement, were identified as the typical buyer in the current market,” said Phil Soper, president and chief executive officer, Royal LePage. “This cohort, having reached a place of stability, and often owners of primary residences in the country’s city centres, is making recreational property purchases for family enjoyment in the near-term and as a key strategy for retirement.”

Soper says that low interest rates have boosted confidence among buyers of cottages and cabins.
Asked about foreign buyers of recreational homes, almost 95 per cent of respondents said they accounted for 10 per cent or less of the purchasers with “North America” the most popular answer to international buyers’ origins (79 per cent).




Source:  http://www.canadianrealestatemagazine.ca/market-update/recreational-homes-demand-driven-by-gen-x-209361.aspx