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How young buyers afford cottage ownership: a strata?

Reference: Cottage Life

Is cottage real estate becoming a young person’s game? While boomers still account for the majority of cottage sales, Re/Max’s 2019 Recreational Property Trends survey revealed that even Canadian millennials (roughly aged 24 to 39) are interested in buying a recreational property—56 per cent of them are in the market to purchase, up a full 14 per cent from the previous year.

The cottage market is seeing the effects, and prices are rising across Canada. Tofino, B.C., topped the list: waterfront property prices increased by a whopping 80 per cent since 2018, with the average price now at $2.5 million. Collingwood and Blue Mountain, Ont., jumped by 36 per cent. And Prince Edward Island is dominating the Atlantic cottage market, seeing a 15 per cent median price increase.

There is no shortage of media reports about young families struggling to find affordable housing in Canada. So, who are the younger buyers moving into the cottage market? How did they do it? And what did they learn?... Read More