VANCOUVER (NEWS 1130) – Baby Boomers may be using all their home equity to help snap up BC’s recreational property, but millennials aren’t giving up on the dream of owning the perfect getaway.
A new Leger survey for RE/MAX finds 18 to 34-year-olds are helping to drive demand for cabins, cottages and resort condos, especially young families with children, with two-thirds planning to do so in the next 10 years.
But, how are they managing it? “Millennials are looking at more creative ways to finance the dream of recreational home ownership,” explains Elton Ash, executive vice president for RE/MAX of Western Canada. “We found that 44 per cent of millennials seriously consider purchasing recreational property with another family member and sharing that ownership. There’s a smaller percentage that would also consider buying the property with a friend.”
Young people are also looking at innovative ways to finance that property. “Technology now allows people to use platforms such as Airbnb and VRBO to rent the property out when they’re not using it. And depending on work and lifestyle, some millennials also consider selling a primary residence in the city and then moving out to enjoy a more rural type of lifestyle in a recreational area,” Ash tells NEWS 1130.
Over one-quarter of Canadians with children under 18 said they’d be willing to sell their city home and rent in order to buy a cabin or ski chalet.
Fractional ownership is also becoming more popular with one-in-five millennials surveyed willing to take on a time-based portion of a property.
“You would buy maybe one-sixth of a registered ownership of a property. There are some fractional ownerships on Vancouver Island and in the Okanagan where you can buy at a much reduced price and get use of the property for one-sixth of the year, for example,” Ash explains.
The survey also finds some age-based differences in what features and amenities are most important when thinking of a weekend at a cottage or cabin.
While overall, a majority of Canadians are looking for peace and quiet, more millennials are looking to spend time in nature.