June 27, 2015
West Coast residents prioritizing cabin life over city breaks, according to annual RE/MAX Recreational Property Report
Nearly 69 per cent of British Columbians would choose a long weekend at the cottage over a big-city getaway, according to the annual RE/MAX Recreational Property Report released June 24.
That is slightly above the national average of respondents (67.8 per cent) who said the same thing.
Across Canada and in BC, around 21 per cent of respondents said they would consider downsizing their main home to buy a cottage.
And nationwide, 40.5 per cent of those surveyed said they would pool resources with family and friends in order to buy a vacation home.
The report also said that, in markets where there are large enough sample sizes for year-over-year comparisons, almost all regions witnessed year-over-year price appreciation and an increase in sales. The report highlighted is Whistler, where chalets increased 5.2 per cent from a median price of $1,250,000 in 2014 to $1,315,000.
The RE/MAX report also found that the low Canadian dollar was having a positive effect on domestic vacation home sales in several ways:
- Canadians who bought US property in the 2008-12 downturn are now able to sell for a nice profit and take advantage of the low dollar to buy their dream properties in Canada;
- Canadians buying vacation homes are choosing Canada over the US because of the relatively high US dollar; and
- Overseas buyers are getting a discount on Canadian properties.
RE/MAX also said that there has been a significant increase in vacation-home buyers who are planning to rent out their recreational properties part or full time. In BC, regions that reported an increase include Ucluelet, Tofino and Penticton.
For more insights and expert commentary on the BC recreational property market, click here.
To read the RE/MAX report as an online PDF form, click here.