As reported by The Canadian Press
, the latest survey by Royal LePage revealed that Generation X buyers are purchasing twice as many recreational properties as Baby Boomers, the next most active cohort.
The study, which polled Royal LePage recreational real estate experts across the country, found that retirement and vacations are the most common motivations among those buying cottages in Canada.
“We found it interesting that a majority of respondents identified retirement as a driving factor for a recreational property purchase consideration, but Gen Xers, still decades from retirement, were identified as the typical buyer in the current market,” Royal LePage president and CEO Phil Soper said in a statement.
“This cohort, having reached a place of stability, and often owners of primary residences in the country's city centres, is making recreational property purchases for family enjoyment in the near-term and as a key strategy for retirement,” Soper explained.
The Royal LePage report added that the profile of the average Gen X buyer is a couple with offspring, looking for a place to settle down and become stable as the children begin their education.
Members of Generation X, defined as individuals aged 36 to 51, are the most avid buyers of cottages in Canada, exceeding activity from all other segments by at least 2 times over.