-Image: Kelowna Real Estate Company

Retirees eyeing up Big White for recreational homes

Kelowna - RE/MAX’s recent report says seniors are driving the market

Retirees are taking an interest in Big White Ski Resort’s real estate to use as recreational homes.

Seniors are driving the recreational home market at the ski resort, said Jerry Redman, managing director with RE/MAX Kelowna.

“They’re buying places to bring their kids and their grandkids back to,” he said. “It’s been a very active last couple of years at Big White.”

A recent RE/MAX report found the housing characteristic change is being propelled by both retirees and those planning for their retirement.

“Last year, we found that Baby Boomers and retirees were increasingly selling their homes in urban centres like Toronto and Vancouver,” said Elton Ash, regional executive vice-president, RE/MAX of Western Canada, based out of Kelowna.

“It’s clear that many put the equity they received from those sales into the purchase of a recreational property with the intention to retire in comfort and away from the city.”

Ash noted these buyers are seeking more active forms of retirement, choosing to maintain a physical fitness lifestyle and emotional fulfilment by pursuing passion projects, and seeing recreational properties as the means to achieve those goals.

He says this is particularly the case in areas such as the South Okanagan and the Ontario townships of Wasaga Beach and Rideau Lakes.

People who have a desire to purchase a recreational property in B.C. focus on waterfront and ski resorts, said Redman.

“We’re a little bit different out in the West than we are with our cottage country in Saskatchewan and Manitoba and Ontario. There’s quite a different feeling of what recreational property is, compared to Kelowna. We have some waterfront homes, but those who buy a condo downtown, that’s where they go to get away.”

Due to the strong US dollar, retirees are also selling their snowbird properties south of the border and instead purchase recreational homes for use as retirement properties as well, says the report.

Other survey findings outlined in the report:

• Retirees are fueling demand as 91 per cent of regions surveyed reported that retirees drive demand for recreational properties; a stark contrast to the 2017 RE/MAX report which found them a dominant force in only 55 per cent of markets surveyed

• One in three survey respondents (33 per cent) say that they own or want to own a recreational property for investment purposes

• Buyers are increasingly renting in urban centres such as Toronto and Vancouver while purchasing recreational properties

• Other than affordable purchase price, waterfront rated as the most important feature to Canadians when considering spending time at a cottage or cabin, beating out reasonable maintenance costs

@carliberry_
carli.berry@kelownacapnews.com

Like us on Facebook and follow us on Twitter.

Just Posted

Caravan Farm Theatre fundraiser embraces outlaw spirit

The third annual Hands Up! Live Auction Fundraisder is June 2

Killiney boil water notice issued

The notice was issued for all Killiney Beach water system customers Sunday

Kelowna cedar hedge catches fire

The Kelowna Fire Department responded to the scene of a hedge fire Saturday

Grass fire reported near Traders Cove

West Kelowna - Emergency crews are responding to reports of a grass fire today

Lake Country residents to meet with district to discuss public beaches

Carr’s Landing residents are invited to provide feedback to the district

Falkland: Cowboy country

100th annual Falkland Stampede underway this weekend

UPDATED: Almost 1,200 people allowed to return home in Kootenay-Boundary as floods dry up

Officials hope to have all 3,000 people back in their homes by Monday night

The Okanagan shines in foodie finalist list

Western Living has released their 2018 list of finalists

B.C. Lions bring back 6-time all-star offensive lineman Jovan Olafioye

He was acquired by the Montreal Alouettes last year.

Whitecaps rally for 2-2 draw with FC Dallas

Vancouver climbed out of a two-nil hole to tie FC Dallas 2-2

B.C. VIEWS: Making sense of climate policy

Flood and fire predictions have poor track record so far

Chilliwack Chiefs moving on to RBC Cup final after thrilling win over Ottawa

Kaden Pickering scored the winning goal in the 3rd period as Chilliwack won their semi-final 3-2.

In Photos: Trooper attracts a crowd on Shuswap Lake

Hundreds of boats turn up to watch the Canadian rockers play atop a 94 foot houseboat

VIDEO: As floodwaters recede, crews assess the damage to Grand Forks’ downtown

More than four dozen firefighters and building inspectors came out to help

Most Read