Based from the RE/MAX report, Gen-Xers accumulated most shares of purchasers of recreational property in the province of Manitoba. They are said to replace aging baby boomers as the major force in recreational property markets across the country, grounded from the 2009 RE/MAX Recreational Property Report.
Reports said, years between 35 to 45 with families are acquiring in demand properties along Lake Winnipeg. Among this is the $585,000 worth of cottage on Willow Island along Gimli –the highest paid waterfront cottage this year. The report said seasonal or second-row properties along the lake generally start between $100,000 and $185,000, “and are currently the most sought- recreational product after.”
“Second row cottages, in particular, have seen an upswing in popularity due to affordability and supply.”
On one hand, aging baby boomers choose to buy lower end seasonal properties to convert cottages into year round residences.
One more sighted trend from the report is the cottages renting their properties during the peak of season to offset the cost of ownership.
From 40 % in 2008, Canadian markets survey result conveyed that 74% marked trend toward thirty something buyers snapping up affordable-priced product ranging from waterfront cottages to resort condominiums
“Gen-X is ideally positioned to pick up any slack in recreational property markets caused by softer demand from baby boomers and retirees. They represent the next wave of recreational property owners in Canada and they know it.”
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Mainstay Suites Winnipeg
www.crossfireconsulting.net
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