THE HOME-AWAY-FROM-HOME BOOM // RECREATION & INVESTMENT PROPERTIES
THE HOME-AWAY-FROM-HOME
BOOM
RECREATIONAL PROPERTIES ARE POST-COVID HOT BY JOHN HARDY
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here’s no doubt about it, and the numbers don’t lie. Recreational properties, particularly within a reasonable commute from Calgary, are booming! The prices are spiking, mostly because demand is way up and availability is often limited. But it’s good news for buyers, sellers, builders and realtors. Some real estate insiders credit evolving consumer and lifestyle trends. Others caution that the hot market popularity is, to a large part, COVID-consequence driven and it won’t last. Short-lived or long term, the sudden popularity of recreational properties is undeniably impacted by the lifestyle adjustments and other changes triggered by the pandemic. “Life during the pandemic has made cottage country and country living more desirable than ever, in every part of Canada,” says Phil Soper, Royal LePage president and CEO. “In many cases, younger buyers – those between 25 and 35 – are making up an increasing share of buyers trading in the big city for country life, with nearly half of buyers in that demographic (47 per cent) saying they would choose a small town or rural living.
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OCTOBER 2021 // BUSINESS IN CALGARY // BUSINESSINCALGARY.COM
“Various recent surveys and reports show that affordability remains the top buying criteria for 41 per cent of Canadians who are in the market for a recreational property, followed by proximity to water or waterfront, amenities and the vital contemporary lifestyle factor of good WiFi.” Soper adds that, given the world-class beauty found in many of the “cottage country” regions throughout Canada, not to mention pandemic-related concerns about high-density living, many are thinking about expanding their families and want their kids to grow up with a little more space to roam. From coast to coast, the line between primary residence and recreational property is blurring. “The trend began last summer when, due to COVID, the option of traveling abroad was taken away, and continued to gain popularity as it became clear that with office lockdowns, access to high-speed internet was invaluable and many people could do their jobs from just about anywhere,” he says. According to the most recent Royal LePage Recreational Property Report, which tracks insights, data and forecasts from 51 Canadian markets, 32 per cent of Albertans aged 25 to 35 say the pandemic has increased their desire to move to a
