Saskatchewan is a prairie province known for its beautiful open skies and acres of bountiful farmlands. Home to 100,000 freshwater lakes with sandy beaches.
REMAX 2019 Recreational Property Trends Survey reveals Canadian Millennials’ interest in recreational property ownership higher than ever!
This survey finds that the majority of Millennials in Canada (56%) are in the market to purchase a recreational property. This is up 14% from last year when just 42% of Millennials were considering buying a recreational property. In 2018, 91% of recreational markets surveyed reported that Baby Boomers accounted for the majority of activity. While Boomers continue to be a driving force in 2019, the increase in buying intentions in the 18-34 age group alludes to the start of a new trend in recreational buyer demographics, and what this new wave of buyers will be looking to purchase.
Affordability or Liveability?
Price remains the top consideration for recreational property buyers, with 61% of survey respondents naming affordability as the most important factor. However, liveability also plays a crucial role in the selection process.
The REMAX survey also reveals that 64% of Canadians enjoy recreational properties as places where they can relax and spend time with friends and family, while 58% perceive them as getaway homes. Forty-three percent say that they can partake in activities that they normally wouldn’t be able to at their permanent residences, such as hiking and fishing.
Millennials rank higher (50%) than Boomers (38%) in the use of recreational properties as places to participate in activities that can’t be done at their principal residences, such as hiking and fishing.
When it comes to the actual property, the survey also found that other than affordable purchase price, Canadians who own or would consider owning a recreational property named reasonable maintenance costs (46%), waterfront access (45%), and proximity to town (44%) as the most important factors when purchasing.