Generation X Driving Increased Demand for Recreational Properties
Posted by Steve Harmer on
Quintessentially Canadian Cottage-Life: Royal LePage finds foreign buyers account for few recreational property transactions
Retirement-bound boomers seek peaceful retreats
Toronto, ON, June 23, 2016 – Generation X buyers of cottages, cabins and chalets across Canada outnumber Baby Boomers by almost two to one, according to the Royal LePage 2016 Canadian Recreational Housing Report released today. Still, planning for retirement living is among the most common reasons potential buyers give for the purchase of a recreational property. The annual report compiles information from a cross-Canada survey of real estate advisors who specialize in recreational property sales.
The survey found that 65 per cent of advisors polled indicated that…
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There are quite a number of variables to consider when purchasing a residential income property.
Private buyers – both local and foreign – and, to a lesser extent, institutional investors and REITs, were increasingly willing to accept record pricing and highly compressed capitalization rates as the cost of entry to British Columbia’s coveted multi-family real estate market. 
Usually, market value is determined by what a buyer is willing to pay for a home, and what the seller is willing to accept. The recent agreed upon sale price of a home is usually the best determinant of a property's market value. However, there are circumstances where the price paid for a home is not the true market value. For example, there may be a special relationship between the parties which resulted in a much lower value being paid. Also, a buyer may have been willing to pay a premium for a property for some reason, and so it sold for much more than it would otherwise be worth.
finds the average home sold for $502,643 during the third quarter of 2015 — an eight per cent increase from a year earlier.