The REMAX Recreational Property Report shows that urban residents are finding unique ways to purchase their dream recreational property.
And that's translating into big sales spikes for cottage properties in Midwestern Ontario.
The report shows that sales of recreational properties on the bruce peninsula and in the Grand Bend area are on the rise.
Waterfront property on the Peninsula is selling for a median price of over $376,000, which is a 14% increase.
And sales have increased nearly 35% in the past year.
The price of non waterfront property on the peninsula has jumped more than 30% to $272,000.
And sales are up from last year by 15%.
And in Grand Bend, sales of non waterfront properties have increased by a whopping 86%.
Prices are up over 17% to $290,000.
Key findings include:
- 41 per cent of Ontarians feel that high housing prices in their primary housing market will discourage them from purchasing a recreational property in addition to owning a primary residence
- More than 1 in 4 Ontarians (27 per cent) would consider buying with a family member in order to help finance recreational property ownership
- Over a quarter of Canadians (28 per cent) with children under the age of 18 would consider selling their primary residence in the city in which they live to help finance the purchase of a cottage or cabin
- Young families are fueling demand: 73 per cent of regions surveyed reported that young families with children drive demand for recreational properties
- Buyers are increasingly selling their homes in Canada’s two largest urban centres and using the equity from the sale to purchase a cottage, cabin or ski chalet
- Almost two-thirds (65 per cent) of Canadian millennials (18-34 years old) would consider buying a recreational property in the next 10 years