Look out Baby Boomers! Generation X is taking over the cottage market.
The latest report from Royal LePage finds those aged 36-51 years old are buying twice as many recreational properties.
The typical buyer has kids, and they are buying the property primarily as a getaway, but also as part of their retirement plans.
Roughly 50% of respondents indicated the purchase would serve as an investment, with 37% saying low interest rates were a deciding factor in their decision.
“We found it interesting that a majority of respondents identified retirement as a driving factor for a recreational property purchase consideration, but Gen Xers, still decades from retirement, were identified as the typical buyer in the current market. This cohort, having reached a place of stability, and often owners of primary residences in the country’s city centres, is making recreational property purchases for family enjoyment in the near-term and as a key strategy for retirement.” – Phil Soper, President and CEO, Royal LePage.