(Wikimedia Commons)

More B.C. Baby Boomers selling city homes to retire at the cottage: survey

British Columbians looking to recreational properties near lakes and in rural B.C. regions

Retirees and Baby Boomers represent nearly all recreational property owners in B.C.’s cottage country, a new survey suggests.

Ninety-one per cent of popular spots in Canada, including the Comox Valley and the South Okanagan in B.C., belong to retirees, according to a report by RE/MAX Canada released Tuesday. That’s up from 55 per cent in years past.

No surprise that the sky-high housing prices in city centres like Vancouver have prompted many older homeowners to cash in on their investment and look for a cabin on the lake.

Advances in technology, such as stronger Internet in rural areas, as well as recreational properties being generally less expensive across the province, have allowed for some people to ease into retirement more slowly.

Some retirees are selling their homes in the city, and then renting in regions like the Lower Mainland and using their equity to buy recreational property in the Okanagan or rural B.C. as a second income.

“It’s a bit of a new phenomenon,” Elton Ash, RE/MAX Western Canada regional executive vice president said.

More retirees are veering away from retirement housing, the report suggests, and looking for more independence to pursue passion projects such as farming or maintaining vineyards.

“A return on the principle resident investment over 45 years has been very positive for people to enjoy things they otherwise wouldn’t be able to have in their lives,” Ash said.

The increase in demand has created a sellers’ market in the recreational housing sector – and a safe spot to land away from the speculation tax, he added. He said he doesn’t see the government looking to regulation anytime soon.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Just Posted

Beefs & Bouquets, Sept. 20

To submit a beef or a bouquet to the Nanaimo News Bulletin, e-mail bulletinboard@nanaimobulletin.com

Downtown Nanaimo hotel project moving forward

PEG Development submitted an updated permit application for a proposed hotel at 100 Gordon St.

VIDEO: International Day of Peace activities planned in Nanaimo

Unity Spiritual Education Centre of Nanaimo planning public walk, labyrinth dedication Sept. 21-22

Rain and high winds to hit Vancouver Island this afternoon

Thursday and Friday to see downpour of 20 to 50mm and high winds on Vancouver Island

Last cruise ship of the season stops in Harbour City

Explorer of the Seas port call is the fifth visit to Nanaimo by a cruise ship this year

Watch out for Pavement Patty: Drivers warned outside B.C. elementary school

New survey reveals unsafe school zones during 2018 back-to-school week

Candidate lists finalized for Nanaimo, Lantzville, RDN, school district

Nomination deadline passes in advance of Oct. 20 local government elections

Porsche and Subaru dealerships can proceed with planning in north Nanaimo

City council unanimously allows rezoning application process to move forward

B.C. MP Todd Doherty receives award for saving man who collapsed on a plane

Conservative MP was flying from Vancouver to Prince George, B.C., in June last year

Alleged border jumper from Oregon facing 2 charges after police chase in B.C.

Colin Patrick Wilson charged with dangerous operation of motor vehicle, flight from a peace officer

More than 35 B.C. mayors elected without contest

No other candidates for mayor in the upcoming local election in 22 per cent of B.C. cities

Tofino Bus launches shipping service to replace Greyhound across Vancouver Island

Affordable, same day and next day freight options are available as Greyhoubd Package Express ends

First Nations block roads to stop the moose hunt in B.C.’s Interior

Chief Joe Alphonse confirmed Thursday they’ve deactivated the Raven Lake Road and the Mackin Creek Road just before the Island Lake turnoff

‘Like an Alfred Hitchcock movie’: Birds fall dead from the sky in B.C. city

Raptor expert says he’s never seen it happen anywhere in the Lower Mainland

Most Read