A recent survey from RE/MAX found retirees and soon-to-be retirees are purchasing more cabins and cottages in Canada.
For hot spots like Tofino, this is driving the median price for waterfront properties from $659,000 in 2017 to $1.4 million this year.
RE/MAX Realtor Joni Brown says this is making properties around Prince George more desirable because of affordability.
“Enough people have come from the coastal areas that they are reporting back positive things about Prince George. A lot of people come in with an attitude of like Prince George poor you getting transferred there or whatever. That was sort of the norm back then but now it’s somewhere people are trying to get to.”
Brown is also seeing more younger couples investing in both a home in the City and outside in recreational areas as well.
“Because of our price points, it’s very obtainable for younger families. Not first timers but people with young children can still afford to have it.”
The RE/MAX survey showed one and three Canadians say they own or would want to own a recreational property for investment purposes. Most said they would live in urban areas most of the year and rent out their recreational property for the remainder of the year.
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