Amid the long anticipated $1 trillion transfer of wealth from Baby Boomers, coupled with the search for more-affordable housing markets, Generation X now leads the pack in recreational property transactions, with this buying cohort driving activity in 91 per cent of recreational regions surveyed, according to the RE/MAX Canada 2023 Cottage Trends Report.

Following record-setting activity in 2022, the waters have tempered in recreational markets with 50 per cent of regions now experiencing more balanced conditions. Despite demand tapering due to economic uncertainties in the latter half of 2022 and carrying into the first quarter of 2023, RE/MAX brokers and agents anticipate consumer confidence to rise in tandem with the temperature, into “cottage season” and through the remainder of the year. Overall, average residential sale prices are expected to rise by 0.9 per cent.

CONSUMER INSIGHTS 

• 36% of Canadians are attracted to the quality of life that a cottage affords compared to urban/larger city centres.
• 57% of Canadians that will inherit a cottage are confident they will be able to take on the affiliated costs.
• 48% of cottage owners said working with a real estate agent led them to consider succession planning.