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Vacation Condos: Is the Summer Getaway Changing? S
ummer’s here. Long sunny days, barbeques with friends and family, vacations at the cottage: let the good times roll. But with the skyrocketing price of real estate, owning a primary residence is challenging enough for many, which means owning a detached vacation cabin is sheer fantasy. So will the recreational condo replace the traditional family cabin? Most real estate insiders say that it won’t, but that it may evolve as a new hybrid that’s part vacation getaway, part revenue property, and partly a way to transition into retirement. A condo’s biggest advantage is, hardly surprisingly, affordability. It’s also as close to maintenance free as you’re likely to find – strata fees pay for most things outside our own suite. As a bonus, you might get some fancy amenities such as pools or rooftop gardens. On the “cons” side, you’re going to be close to your neighbours – just like you are at home if you live in an urban centre. With 94 per cent of respondents in Re/Max’s 2016 Recreational Property Report
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stating that a quiet, tranquil atmosphere is key to their purchase decision, this proximity translates into a major deterrent. Then there’s the tricky question of condo zoning and bylaws. “The average person who wants to purchase a vacation home is almost certainly going to rent it out at least part of the time, because it’s the only way they can afford one,” says Anthony Bastiaanssen from Re/Max Kelowna. Tapping into online booking services like AirBnB has made this far easier than it used to be. However, most strata bylaws and many municipal zoning regulations prohibit short-term rentals – some prohibit rentals of any kind.
The Whistler Exception One notable exception is Whistler. In this year-round, outdoor lover’s paradise, a majority of homes must be rented – although specifics of those regulations vary dramatically. “If your home has Phase One zoning, you live there full time or rent it out for whatever time period you want – daily, weekly or longer,” says James Askew, president of rareEarth Project
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Marketing. “The only thing you can’t do is leave it empty.” Phase Two zoning, also known somewhat infamously as condo hotels, is even more restrictive. “You can only use your property for 28 days in summer and winter, and the rest of the time it must be rented out through the hotel’s management program.”
Okanagan Options In the Okanagan, Bastiaanssen notes there are also still affordable condo properties to be found in most areas outside Kelowna, but there’s definitely increasing upward pressure on the bottom line – meaning buyers need to grab a deal when they see it. He also sees a growing trend among mature but still-working buyers. “These people are looking ahead to when they move to the Okanagan full time. They want to park their money – and perhaps earn
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some rental revenue when they aren’t using it themselves – for when they retire.”
Island Life
In the quest for a vacation condo, Vancouver Island has become something of an oddity. True, Victoria’s condo market is booming as Metro Vancouverites cash out the equity in their home and escape to a more affordable (at least for now) setting. But like the rest of the Island, the point is these people are moving… packing up lock, stock and barrel and making a new life in a new full-time home, not using it as a weekend getaway. Looking ahead, despite the challenges, those who flex their vacation-home-buying muscles in the condo market will most likely do no worse than make an investment that appreciates over time, brings pleasure now, and could become a new lifestyle in retirement. Not such a bad thing, all round.
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