Feeling edged out of popular real estate markets across the country, millennials are looking for property outside of cities—way outside.
According the 2017 RE/MAX Recreational Property Report, two-thirds of millennials (18-34 years old) are interested in buying a cottage, cabin, or ski chalet in the next 10 years.
With high rates in urban areas, young people and families are looking to get out of the city to purchase property. To get around the hurdle of city expenses, many millennials are looking to interesting financing opportunities. About 44 percent said they would purchase a property with a family member and 39 percent would list their property through rental sites like Airbnb to help with expenses.
The report also states that 39 per cent of regions found an increase in demand from people leaving the GTA and B.C. Lower Mainland. Other regions like the Rideau Lakes Region outside of Ottawa and P.E.I.’s north and south shore have also experienced a boost from people leaving the city.
“I hear often, the city is too congested, it’s getting too busy, it’s unaffordable, it’s not an enjoyable lifestyle…so [people] are rethinking their choices in life,” Muskoka real estate agent Suzanne Martineau told CBC. “With technology, I think it’s allowing people to be employed further from core centres in this country.”
Millennials are so keen on the prospect of owning a recreational property, and getting away from the chaos of the city, that some would even consider a fraction of a shared property or buying with a friend.
Let’s just hope they can agree on paint colours.
