A study done by RE/MAX shows the majority of millennials favour spending their money on recreational homes.
The RE/MAX 2019 Recreational Property Trends survey conducted by Leger found that 56 per cent of millennials are in the market to purchase a recreational property.
“We are finally witnessing the beginnings of a long-anticipated generational shift of buying power from baby boomers to Millennials,” says Christopher Alexander, executive vice president RE/MAX of Ontario-Atlantic Canada.
“With the high cost of urban living taking many young homebuyers out of those markets, more millennials are contemplating recreational properties as a viable option for home ownership.”
Last year’s survey showed only 42 per cent of millennials were contemplating buying a recreational property.
Alexander said the numbers expose the start of a new trend in recreational buyer demographics in the 18 to 34 age group.
According to the survey, in 2018, 91 per cent of recreational markets surveyed reported that baby boomers accounted for the majority of activity.
“This new buyer demographic will bring a different set of lifestyle and property criteria than those of their Boomer counterparts,” said Alexander.
“Factors like Internet connectivity, access to recreational activities, and proximity to towns with urban conveniences are becoming more-important selling features.”
The survey also revealed 64 per cent of Canadians enjoy recreational properties to relax and spend time with friends and family, 58 per cent use them as a getaway and 43 per cent said they go to their property for hiking and fishing.
In that category, 50 per cent of millennials used it for outdoors activities while 38 per cent of boomers used their recreational home for activities like fishing and hiking.
“Owning a recreational property is all about liveability – those crucial criteria, such as the great outdoors, access to water, mountains and community that improve our overall quality of life,” says Elton Ash, regional executive vice president, RE/MAX of Western Canada.
“It’s not surprising to see more millennials pushing into the recreational property markets. Recreational living is very much aligned with this generation’s quest for work-life balance and is representative of a growing trend of millennials choosing to make recreational properties their primary residence.”
The survey found more than half of Canadians (54 per cent) want or have their home-away-from-home two hours or less of a commute away. Only 22 percent surveyed their recreational property a distance three hours or more away.