TORONTO – When it comes to the perfect vacation destination more Canadians are choosing cottage country over “big city” vacations south of the border, says one of the country’s biggest sellers of real estate.
In ReMax’s annual recreational property report released Wednesday, the company found nearly 68 per cent of Canadians would rather spend a long weekend lounging at the cottage or cabin over a big city getaway.
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The report also found 21 per cent of homeowners would downsize their place of residence in order to purchase a cottage, cabin or ski chalet, while 41 per cent would choose saving for a cottage and forego travelling abroad.
“Interestingly, giving up destination vacations was listed as number one on our list,” ReMax spokesman Elton Ash said in a statement. “The cottage and cabin lifestyle is very much in-demand and Canadians are looking for alternative ways to finance their dream property.”
The report also looked at the effect the low Canadian dollar is having on recreational property markets across the country.
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A separate ReMax survey found the weak dollar is attracting foreign buyers to well-established markets such as Whistler and Tofino in B.C., Muskoka in Ontario, and Prince Edward Island. In many cases, Canadians are choosing to sell their U.S. properties and reinvest their money in Canada.
“We are seeing Canadians who took advantage of the downturn in the US property market in 2008 selling their US recreational properties, which have increased in value over recent years, and taking advantage of the low Canadian dollar to purchase their dream cottage or cabin in Canada,” said Gurinder Sandhu, vice-president at ReMax Integra, in a statement.
The report also points out that not all recreational property markets are booming. While Peterborough and the Kawarthas in Ont. witnessed a 27.9 per cent increase in median price, ReMax says places tied to the oil and gas industry, like Alberta and Newfoundland, are seeing sluggish sales.
The survey conducted among real estate brokers and agents also found that nearly half of the regions in Canada reported a bump in buyers looking to rent their properties on a part-time or full-time basis.
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