Canadians want a vacation property

According to a new survey by RE/MAX Canada, a quarter of Canadians have a desire to purchase a vacation property in the near future.

As is the case with all real estate, a great recreational property starts with location. More than two-thirds of Canadians who currently own a cottage, or are considering buying one, are willing to travel up to two hours to get there. A shorter commute leaves more time for R&R, but particularly for those living in major urban centres, proximity to home comes at a price. Those willing to drive a little further for their piece of paradiseĀ could well find it at a lower cost. [RE/MAX Canada]

Some of the notable trends from the survey in regards to cabin or cottage ownership in Canada include:

  • 64 per cent are looking for an affordable price
  • 55 per cent want waterfront property
  • 54 per cent want low maintenaceĀ costs
  • 58 per cent want a vacation property to spend time with family and friends
  • 46 per cent want a vacation property as a “getaway”
  • 41 per cent want a vacation property to take part in recreational activities

When it comes to price for vacation properties, it really depends on the location and the province you choose has a lot to do with things as well. For instance, the BC property transfer tax for foreign buyers is causing a lot of issues for even Alberta property owners with places in British Columbia.

Regardless, here are a few other costs to budget for and be prepared for:

 

  • Insurance
  • Property tax
  • Utilities
  • Maintenance
  • Transportation to and from
  • Use and entertainment

We would love to hear from any Calgarians who own cabins or cottages and where they own them, so please reach out on social media!

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