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By Special to MoneySense on June 23, 2016
Estimated reading time: 1 minute

Gen X surpass Boomers in cottage purchases

By Special to MoneySense on June 23, 2016
Estimated reading time: 1 minute

Majority identify retirement as a driving factor

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TORONTO – A new report from realtor Royal LePage says members of so-called Generation X are buying twice as many cottages as Baby Boomers. The report says retirement planning and vacationing are among the reasons most often cited by those looking to purchase recreational properties. Royal LePage says the typical cottage buyer is a couple with children, most likely in the Generation X demographic, which the report defines as those aged 36 to 51. The report defines Baby Boomers as those between 52 and 70. Now is a great time to buy a cottage » Its findings are based on a national survey of Royal LePage recreational real estate experts. The report says foreign buyers — predominantly from the United States — make up 10 per cent or less of Canada’s recreational property market. “We found it interesting that a majority of respondents identified retirement as a driving factor for a recreational property purchase consideration, but Gen Xers, still decades from retirement, were identified as the typical buyer in the current market,” Phil Soper, president and CEO of Royal LePage, said in a statement. “This cohort, having reached a place of stability, and often owners of primary residences in the country’s city centres, is making recreational property purchases for family enjoyment in the near-term and as a key strategy for retirement.” Paying capital gains when selling a cottage to a family member »

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