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Millennials Turning To Vacation Homes

Posted On: 17.02.23

Millennials Turning To Vacation Homes

Faced with inflated real estate prices, an increased number of Canadian millennials are choosing to buy vacation properties instead of a conventional home. Moreover, millennials are choosing to live in these homes full time, while others rent in the city and retreat to the homes on weekends. Why?According to the Toronto Metro, soaring real estate prices in many Canadian cities continues to price young and first-time buyers out of the conventional new home market. Home ownership in many cities is simply unaffordable for many millennials and they are exploring other options. It also seems that young adults have an affinity for cottages. The article reports, 'one survey by TD found that 25 per cent of millennials plan to eventually buy a vacation property (compared to 13 per cent of the rest of the population). In the U.S., the National Association of Realtors, found the average age of cottage buyers is trending downwards (43 today versus 61 in 2003), and more millennials are buying a vacation property as an investment opportunity".

For example, "a 32-year-old senior account executive at advertising firm Juice Mobile couldn’t afford Toronto on a solo salary, so he looked outside the city. Way outside the city. At the end of this month, Jamieson is closing on a three-bedroom, one-bath home near Haliburton. The house is situated on a lake, and fulfills a dream he had as a kid to own a cottage. And, best of all, at $475,000, it was in his price range. He’ll continue to rent downtown Toronto, able to spend his weekends at the cottage with friends and family". 

If this scenario sounds familiar, buying a vacation property could be the right decision for you. 

Article credits: Metro News

To learn more about buying a cottage at the lake, visit the CottageClub sales centre or book a private tour.

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