Retirees are interested in the Big White Ski Resort properties to use as a rest home.
Seniors are driving the ski resort recreational market, said Jerry Redman, managing director of RE / MAX Kelowna.
“They are buying places to bring their children and grandchildren back to,” he said. “It’s been very active at Big White over the past few years.”
A recent RE / MAX report found that housing change is being driven by both retirees and those planning their retirement.
“Last year we saw baby boomers and retirees increasingly selling their homes in urban centers such as Toronto and Vancouver,” said Elton Ash, regional executive vice president of RE / MAX Western Canada, based in Kelowna.
“It is clear that many are putting the equity they received from these sales into buying a recreational property for convenient retreat outside of the city.”
Ash noted that these buyers are seeking more active forms of retirement, choosing to maintain a lifestyle of physical fitness and emotional fulfillment by pursuing passion projects, and viewing recreational property as a means of achieving those goals.
He says this is particularly the case in areas like the South Okanagan and the Ontario townships Wasaga Beach and Rideau Lakes.
People with a desire to purchase BC recreational property are focusing on boardwalks and ski resorts, Redman said.
“We’re a little different in the west than we are in our cottage country in Saskatchewan, Manitoba, and Ontario. There is a very different feeling about what recreational properties are than in Kelowna. We have a few waterfront houses, but those who buy an apartment downtown go there to get away. “
Due to the strong US dollar, retirees are also selling their Snowbird properties south of the border and instead buying rest homes that will also be used as retirement homes, the report said.
Other survey results presented in the report:
• Retirees are fueling demand, as 91 percent of surveyed regions said retirees are increasing demand for recreational properties. This is in stark contrast to the 2017 RE / MAX report, in which they were a dominant force in only 55 percent of the markets examined
• One in three respondents (33 percent) stated that they own or want to own a recreational property for investment purposes
• Buyers are increasingly renting in urban centers such as Toronto and Vancouver while buying recreational properties
• In addition to being affordable, the waterfront is the most important feature for Canadians when it comes to spending time in a cottage or cabin and avoiding reasonable maintenance costs
@carliberry_
carli.berry@kelownacapnews.com
Like us on Facebook and follow us on Twitter.
Get local stories you won’t find anywhere else straight to your inbox.
Login here
