Thanks to Ron Abraham, Bruce King and Ralph Erickson for a great circle tour ride around Lake Superior last week. Our ride was to raise funds for the Ontario Realtors Care Foundation. Thanks also to Century 21 Reynard Real Estate for their pledge.
The 2016 recreational property market got off to a robust start this spring however wet weather in June and July has slowed activity to some degree.
- Buyers within 2 and 10 years of retirement are the primary market driver
- Retiring Baby Boomers who have benefitted from significant price appreciation in cities are putting that equity into recreational property
- The low Canadian dollar seems to be having a positive effect on the recreational market with Baby Boomers who bought in the U.S. when U.S. real estate prices were comparably low are selling at a profit and investing in recreational property here
- A favorable exchange rate has garnered an increase in inquiries from U.S. buyers however the majority of my U.S. clients are sellers
A recent Leger survey for ReMax found the following;
- Millenials (born 1980-1995) were most likely to have spent time at a cottage or cabin in the past year which may be demonstrating that young Canadians may sustain demand for access to recreational properties
- 81% of Canadians have spent time at a cottage or cabin
- 94% of Canadians rated a quiet atmosphere as an important feature of a cottage or cabin