(Source: The Province)
B.C.’s soft recreational property market is attracting younger Generation X buyers, a new report by Re/Max realtors says.
Elton Ash, regional vice-president for Re/Max in Western Canada, said yesterday that baby-boomers have back-stopped B.C. recreational real estate for the past decade.
But the pendulum is shifting to 30- and 40-something buyers, who want recreational homes for family-work balance, and can afford lower-priced properties.
Gen Xers account for half the demand for recreational homes this year, with boomers making up the other half, Re/Max said.
A year ago, it was a 25/75 split.
“The Gen Xers are looking at typically cheaper property . . . Buying a condo that’s across the road from the lake, but a great view of the lake. It’s $350,000, as opposed to $2 million,” he said.
Read the full article by John Birmingham “Gen Xers scan waterfront” in The Province (June 3, 2009)