(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

Reports of rashes prompt pool closures at Harrison Hot Springs

Public pool available after all five mineral pools closed until further notice

Oil pipeline company offers cash to expand under two Chilliwack school yards

District offered $136,500 to widen from 18 to 42 metres through Vedder middle and Watson elementary

Chilliwack’s Chief Ernie Crey a firm pipeline supporter

Crey lauds NEB focus on marine safety in his role representing Indigenous oversight committee

Sarah Wark’s run just about done at Scotties Tournament of Hearts

With an overall record of 5-5, Wark’s Team B.C. won’t be qualifying for Saturday’s playoff round.

Chilliwack’s aquifer again in the spotlight with NEB pipeline approval

Concerns from WaterWealth Project and Coun. Jason Lum, but mayor says it’s time to ‘move forward’

National Energy Board approves Trans Mountain pipeline again

Next step includes cabinet voting on the controversial expansion

Girl heard saying ‘Help my Dad’ in suspicious radio message on Vancouver Island

Police asking for help following mysterious signals from somewhere between Comox and Sayward

Man sentenced to 7 years for smuggling drugs and shooting at border guards in Sumas

Nathan Hall was arrested in Abbotsford in 2013 after day-long manhunt

No treatment for highly infectious measles, says doctor

10 cases of measles confirmed in Vancouver as of Friday

Two more measles cases confirmed in Vancouver

It brings the number of total cases within the city connected to the outbreak to ten

B.C. Special Olympics officially underway in Vernon

Athlete’s Oath: “Let me win. But if I cannot win, let me be brave in the attempt.”

Vancouver Aquarium wants your help to name a baby killer whale

The public helped name Springer’s first calf, Spirit, and is being asked to help with the second

Guards protest firing of fellow officers charged with assault at B.C. prison

Corrections officers demonstrated in Maple Ridge on Friday afternoon

Skier dies at Revelstoke Mountain Resort

Cause of death for young man has not been released

Most Read