In part two of RE/MAX’s 2018 Recreational Property Report, we’ve released all of the latest numbers. This report was jam-packed with a handful of interesting findings, revealing a surge in the recreational property market while Canada’s residential market begins to recover. For part one of the recreational property report released earlier this year, click here.
Canada’s increasingly aging population has retirees driving and inflating the recreational market in popular leisure locations.
- Recreational properties are experiencing a surge in pricing with 78 per cent of regions surveyed showing growth
- A RE/MAX survey showed that retirees drive demand for recreational properties in 91 per cent of regions examined
- An older Canadian population with more purchasing power is driving prices up
About the 2018 Recreational Property Report
A recent survey of RE/MAX brokers and agents found that recreational properties are experiencing a surge in pricing, with 78 per cent of regions surveyed showing a higher median price in 2018 compared to 2017. A RE/MAX survey conducted in the spring showed that 91 per cent of popular Canadian recreational markets are being driven by retirees, and with seniors outnumbering children in Canada for the first time as reported last year, retirees as a population are also driving up prices.
Compared to 2018, the median price of recreational properties, including waterfront, non-waterfront, water access and ski-in properties, has increased by 13 per cent across Canada. Median price information was calculated for the periods of July 2016 to June 2017, and July 2017 to June 2018.
“Compared to 2017, when only 55 per cent of regions surveyed had retirees driving the market, this year’s 91 per cent are having a much bigger impact,” says Christopher Alexander, Executive Vice President and Regional Director, RE/MAX INTEGRA Ontario-Atlantic Canada Region. “Combined with the fact that Canada’s senior population is the largest it has ever been, and many of these retirees are using recreational properties as retirement properties, pricing has increased across the majority of markets.”
For more information on each specific recreational property area, click here and scroll to the collapsable menu at the bottom of the page.
Key Findings from the 2018 RE/MAX Recreational Property Omnibus Survey
1. One-quarter (24 per cent) of Canadians would consider buying a recreational property in the future.
2. Canadians cite the following reasons to own or want to own a recreational property:
- It is where I can go and relax and spend time with friends and family = 58 per cent
- It is a getaway home = 46 per cent
- I can do activities I can’t do at my permanent residence (hiking, fishing, etc.) = 41 per cent
- It is an investment property = 33 per cent
- It is a retirement home = 19 per cent
- Other = 4 per cent
3. More than two-thirds (68 per cent) of Canadians who own or are considering owning a recreation property are willing to travel up to two hours, with 31 per cent saying they would travel two hours. Slightly less (28 per cent) are willing to travel three or more hours.
4. Canadians identify the following features as important when considering their current recreational property or a future purchase of a recreational property:
- Affordable purchase price = 64 per cent
- Waterfront access = 55 per cent
- Reasonable maintenance costs = 53 per cent
- Proximity to town = 43 per cent
- Reasonable distance from primary residence = 37 per cent
- Relative seclusion = 33 per cent
- Land access = 30 per cent
- Proximity to sports/recreation = 25 per cent
- Accessible medical facilities = 24 per cent
- Nearby neighbouring properties = 15 per cent
- Island property = 12 per cent
- Other = 1 per cent
- None, don’t mind which features my recreational property has = <1 per cent
- Don’t know/prefer not to answer = 3 per cent
How to Use the Report:
Get the buzz going by sharing it today and show clients, potential clients and your peers you know recreational properties! But not sure where to start? Here are a few real-world examples of where and how the Recreational Property Report will work best for your marketing needs!
- Become a recognized leader in the recreational field of real estate by posting some of the statistics found throughout the report on your social platforms.
- Be the pillar of communication for the markets you serve by posting the infographic on your website!
- The Recreational Property Report also acts as the perfect handout at open houses. It’s informative and sure to capture the attention of those that walk in the door!
- The possibilities don’t stop there! We encourage you to check out the full report on the RE/MAX Canada blog. It’s the perfect place to refer clients to! Click HERE and share the report directly from the blog onto your social platforms!