(Wikimedia Commons)

More B.C. Baby Boomers selling city homes to retire at the cottage: survey

British Columbians looking to recreational properties near lakes and in rural B.C. regions

Retirees and Baby Boomers represent nearly all recreational property owners in B.C.’s cottage country, a new survey suggests.

Ninety-one per cent of popular spots in Canada, including the Comox Valley and the South Okanagan in B.C., belong to retirees, according to a report by RE/MAX Canada released Tuesday. That’s up from 55 per cent in years past.

No surprise that the sky-high housing prices in city centres like Vancouver have prompted many older homeowners to cash in on their investment and look for a cabin on the lake.

Advances in technology, such as stronger Internet in rural areas, as well as recreational properties being generally less expensive across the province, have allowed for some people to ease into retirement more slowly.

Some retirees are selling their homes in the city, and then renting in regions like the Lower Mainland and using their equity to buy recreational property in the Okanagan or rural B.C. as a second income.

“It’s a bit of a new phenomenon,” Elton Ash, RE/MAX Western Canada regional executive vice president said.

More retirees are veering away from retirement housing, the report suggests, and looking for more independence to pursue passion projects such as farming or maintaining vineyards.

“A return on the principle resident investment over 45 years has been very positive for people to enjoy things they otherwise wouldn’t be able to have in their lives,” Ash said.

The increase in demand has created a sellers’ market in the recreational housing sector – and a safe spot to land away from the speculation tax, he added. He said he doesn’t see the government looking to regulation anytime soon.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Annual women’s march in Courtenay Saturday

The Women’s March was a worldwide protest on Jan. 21, 2017, to… Continue reading

Portables arrive for students on Hornby Island

Five portable classrooms have officially arrived on Hornby Island this week in… Continue reading

Cumberland multi-use development given the go-ahead despite parking concerns

Rideout Construction will pay $91,200 in lieu of 24 parking stalls

Union Bay police standoff ends peacefully

A police standoff in Union Bay was resolved peacefully Monday evening. According… Continue reading

First North Island College Artist Talk Series of 2019 features Barb Hunt

Internationally renown Canadian artist speaks at Stan Hagen Theatre

Giant rotating ice disk forms in Maine river

Ice disk that is roughly 100 yards wide has formed in the Presumpscot River

Theresa May wins no-confidence vote after Brexit deal rejection

UK PM can keep her job, after House of Commons voted 325-306

First Nation supporters march to Horgan’s MLA office

Dozens marched across the Greater Victoria community of Langford to support the Wet’suwet’en people

Bob Castle’s Under The Glacier cartoon for Jan. 15, 2019

Bob Castle’s Under The Glacier cartoon for Jan. 15, 2019… Continue reading

North Cowichan will host national rowing centre starting October 2020

Saanich’s bid for national rowing centre at Elk Lake sunk

Liberal candidate steps aside after singling out Jagmeet Singh’s race

Karen Wang says she made comments online that referenced Singh’s cultural background

SUV wedged on top of car in B.C. mall parking lot has customers confused

The accident occurred Tuesday, no injuries were reported

Tom Lavin and the Powder Blues Band among acts to perform at Comox Valley’s Winterfest

Participating hotels offering half-price “ski & stay” packages

Most Read