As real estate prices continue to rise many Canadians are beginning to look for alternate ways to finance their dreams of cottage and cabin ownership. In a recent survey of RE/MAX agents and brokers, more than half reported to seeing increase’s in buyers who planned to rent out their property full or part time. In a separate survey of Canadians, conducted by Leger, nearly 60% agreed that due to the emergence of popular, user-driven vacation rental websites, it is easier for an owner to rent out an investment property today versus five years ago.
The Leger also found that most Millennials have spent time at cabin or cottages within the last year. Demonstrating that young Canadians are continue to sustaining demand to have access to these recreational areas. This adds the chance for buyers to finance their other property’s.
In most of the regions that reported an increase in buyers planning to rent out their properties, demand is driven primarily by families and retirees, rather than investors. Retirees were reported as being key drivers of demand in 83 per cent of regions surveyed, and 53 per cent of regions reported an increase in retiree buyers this year compared to last year.
