The recreational home market is expected to stay strong through this spring
Regional Executive Vice President of RE/MAX Western Canada, Elton Ash, says the recreational property market is an entirely different kind of demand.
“That’s not typically purchased on leveraged money. In other words, people aren’t borrowing money specifically to buy recreational property. They may use their principle residence as security but it’s always discretionary funding.”
Ash says, what they’ve seen is demand remains strong and is being influenced by millennials.
“And often, they’re using mum and dad’s help to buy recreational property, the baby boomers. And so overall, I think we’re fairly optimistic about where the recreational property market is going to go this spring.”
He adds, with the Speculation Tax affecting part of the Okanagan, he thinks additional demand will be pushed into the Shuswap area, and the Cariboo.