Retirees focus on buying recreational properties

RE/MAX report finds South Okanagan desired place to retire

The line is becoming increasingly blurred between residential and recreational properties, says a 2018 recreation property report released by RE/MAX Canada.

The report find that housing characteristic change is being propelled by both retirees and those planning for their retirement.

“Last year, we found that Baby Boomers and retirees were increasingly selling their homes in urban centres like Toronto and Vancouver,” said Elton Ash, regional executive vice-president, RE/MAX of Western Canada, based out of Kelowna.

“It’s clear that many put the equity they received from those sales into the purchase of a recreational property with the intention to retire in comfort and away from the city.”

Related: Inventory not meeting buyer demand

Ash noted these buyers are seeking more active forms of retirement, choosing to maintain a physical fitness lifestyle and emotional fulfillment by pursuing passion projects, and seeing recreational properties as the means to achieve those goals.

He says this is particularly the case in such areas as the South Okanagan and the Ontario townships of Wasaga Beach and Rideau Lakes.

Due to the strong US dollar, retirees are also selling their snowbird properties south of the border and instead purchase recreational homes for use as retirement properties as well, says the report.

Other survey findings outlined in the report:

* Retirees are fueling demand as 91 per cent of regions surveyed reported that retirees drive demand for recreational properties; a stark contrast to the 2017 RE/MAX report which found them a dominant force in only 55 per cent of markets surveyed

* One in three survey respondents (33 per cent) say that they own or want to own a recreational property for investment purposes

* Buyers are increasingly renting in urban centres such as Toronto and Vancouver while purchasing recreational properties

* Other than affordable purchase price, waterfront rated as the most important feature to Canadians when considering spending time at a cottage or cabin, beating out reasonable maintenance costs

Just Posted

Vernon Search and Rescue’s helicopter winch team aids woman in medical distress

Woman airlifted from mountainous terrain near Coldstream Sunday

Storm wreaks havoc in Kelowna

Bush fire sparked near Belgo Road

Last weekend of June in your words

We have compiled a community photo album of how you spend your weekend in Kelowna

UPDATE: Missing dog from high velocity Kelowna car crash found

Jewels is recovering in the comfort of her home

Kelowna’s Boucherie Grind sweats for a cause

The event exceeded it’s fundraising goal

VIDEO: Canadian toddler caught practising hockey skills in crib

Eli Graveline is getting praise from far and wide as the internet freaks out of cute throwback video

Penticton Fire Department called out for early morning fire at the Cannery Trade Centre

Fire at the heritage building was contained by firefighters

Kamloops Fire Centre reports 3 new fires in area, all lightning-sparked

Includes a 0.3-ha. fire east of Penticton, 0.01-ha. fire by Merritt and a 1.77-ha. fire near Lytton

Reel Reviews: Playing Tag with the Incredibles

The conclusion: “Both these movies are exactly what you’d expect.”

Man shot dead in Surrey ID’d as hockey coach and father of two

Murder of Paul Bennett – a respected Peace Arch Hospital worker and ‘champion of sport’ – ‘not random’

Mabel Lake Road roll over claims life

Armstrong man died in hospital after single vehicle roll over June 18

Thunder, strong winds possible for Okanagan

Environment Canada released the special weather statement Sunday afternoon

Canadian Syrian children’s choir not to attend festival over fears about U.S. travel

Many kids are recent immigrants from countries covered by Trump travel ban

Most Read