Recreation and vacation properties are growing in popularity – they’re not just a luxury item for the very wealthy, but rather a smart investment and the opportunity to experience a different lifestyle. People are downsizing from large, unused local properties to buy a small house in places like Whistler, the Sunshine Coast, or Kelowna, to name a few. These buyers don’t want to leave the city entirely, but rather expand their real-estate portfolio and achieve a lifestyle balance.
In the past, buyers for vacation homes were primarily empty nesters and retirees. However, things are changing. Lately the younger generation is expressing increasing interest in this market, especially since they are able to draw lines of credit on first home ownership now that these have appreciated dramatically. They are able to build on a second mortgage for another getaway home that may or may not include a supportive income to carry all secondary payments. Having a presence in multiple markets is a wise idea, as vacation homes near Vancouver are appreciating at an impressive rate. Owning a small house in addition to a main property is common.
As life become more work-focused and hectic, buyers tend to look outside bigger cities for a change of pace. Having an escape can provide peace of mind. A cottage on the Sunshine Coast or in the Interior is still fairly accessible from Vancouver, but the culture and amenities offered may be totally different. Buyers are often still able to commute to Vancouver for work if needed.
Vacation homes are a savvy investment for many people, and a trend I tell my clients is worth learning more about. I’m versed in popular micro-markets in B.C., but will always do more research to stay up to date and assist clients best. If you’re considering a cottage or investment property near Vancouver, it’s best to do it sooner rather than later. My clients who have bought a vacation property haven’t looked back!
Thumbnail Credit: Travel British Columbia