-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

Okanagan wildfires have potential to become firestorms, says UBC expert

David Andison said to let smaller fires go, to create pockets in the landscape for new forests

Okanagan Wildfires: The latest on wildfires and evacuations

A Saturday morning look at the major wildfires impact the Okanagan and Similkameen.

Okanagan Mountain Park fire shows no growth overnight

The wildfire, also called Goode’s Creek wildfire, continues to burn near Kelowna

Wildfire near Peachland shows no growth overnight

Fire chief Dennis Craig said wind was blowing the fire away from homes

Here’s what you need to know about Day 2 at the BC Games

From equestrian to volleyball to swimming, all 18 events in full swing here in the Cowichan Valley

2017 wildfires give B.C. mom chance to say thank you to officer who saved her son

An unlikely encounter in the rural community of Likely, near Williams Lake

UPDATED: Kinder Morgan pipeline protesters defy eviction order

Demonstrators at Camp Cloud in Burnaby say they won’t leave, but will meet with city officials

B.C. tent city camper arrested for taking coins from fountain

The man, who built a shelter at a Saanich park, says homeless people are unfairly targeted

Ex-Raptor DeMar DeRozan says goodbye to Toronto on Instagram

The guard was traded to the San Antonio Spurs earlier this week for Kawhi Leonard and Danny Green

VIDEO: B.C. rancher demands change on how gov’t handles emergencies after 2017 wildfires

Essential service designation, tax deferrals should be on the table for ranchers

From hot dog to not dog: stuffed toy prompts car break in

Victoria couple said dog toy had been in the backseat for 18 years without problems

Wildfire crews working to strengthen line around fire near Summerland

The Mount Conkle wildfire is 90 per cent guarded

VIDEO: Open water swimming from B.C. to Washington in 24 hours

The swim will take a full day, meaning Susan Simmons will be swimming in the black of night

Most Read