Retirees are driving the recreational property market across the country, according to a survey of RE/MAX brokers.
In fact, 91 per cent of popular Canadian recreational property markets examined showed retirees as the key homebuying segment.
“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 at RE/MAX of Western Canada, in a statement.
“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.”
The survey also found that other than affordable purchase price, Canadians who own or would consider owning a recreational property named waterfront access (55 per cent), reasonable maintenance costs (53 per cent) and proximity to town (43 per cent) as the most important factors when purchasing.
Respected business writer Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald in various capacities, including 12 years as a senior business writer.
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