(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

Fulfilling a lifelong dream of flight

97-year old will fly a plane for the first time

Get ready for the 39th annual Goodlife Fitness Victoria Marathon

Up to 9,000 particpants are anticipated for this year’s three-day race weekend

Impaired driver crashes into Victoria police vehicle, injures officer

Cook Street collision occured in the early morning hours of Tuesday

Plaque that replaced Macdonald statue at Victoria city hall vandalized

Less than 24 hours after plaque was installed, an ‘X’ had been scratched through the centre

UPDATE: Motorcyclist involved in Cook Street crash dies

A serious crash sent two to hospital on Monday night

Average Canadian family spends 43% of income on taxes: study

Fraser Institute’s consumer report shows taxes accounting for larger chunk of income each year

RCMP to search for body after man drowns in B.C.’s Buntzen Lake

Officers and fire crews responded but the man from the Lower Mainland is believed to have drowned.

Police chiefs call for stricter controls on pill presses to fight opioids

Canada’s police chiefs are urging Ottawa to beef up its fight against the opioid scourge by closely vetting people who import pill presses

Victoria police say explicit calls continue to target women

Over 50 reports of unwanted, sexually explicit calls have come in

‘It’s like a party in your mouth’

B.C. creator’s Milkshake Burger makes its debut at the PNE

Vehicle catches fire near Vancouver Island provincial park

Fire shut down Highway 4 in both directions

Get involved in the Great Canadian Bumble Bee Count

Environmental organization develops app to help with the nationwide count

Most Read