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 paradise 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 maintenace 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!
