Loading articles...

Baby boomers driving up price of recreational homes in BC, says report

(iStock Photo)
Summary

A report suggests many Vancouver baby boomers are selling their homes then renting, and using cash to buy vacation homes

VANCOUVER – If the high price of real estate here in Metro Vancouver has you thinking about heading to the Interior or Vancouver Island, good luck!

A new report saying the cost of buying a place is surging in the Okanagan and the Comox Valley — and you can blame Baby Boomers for it.

The report from Re/Max suggests more and more folks heading for their golden years are cashing in by selling their digs in the big city and then renting. And they’re using all the equity to buy recreational properties. Digs on the waterfront are the most sought after.

But some are even struggling to afford them, so they’re coming up with some novel solutions, including pooling their resources with friends and family.

But with more people then able to get into the market, that’s driving up prices in those areas. And it’s not just happening in BC. The real estate company says it’s happening in 91 per cent of the markets around the country.

Some are using the homes purely for recreational purposes — to get away from it all. But others are choosing to make it their retirement property.

However, they aren’t exactly lazing it up. Re/Max says a lot of retirees are choosing areas where they can keep an active lifestyle.

The researchers at Re/Max say the strong US dollar is also driving more Canadians to give up their recreational properties south of the border in favour of a place on the waterfront on this side of the 49th parallel.