Locked out of the city, some young buyers are heading to cottage country
Young Canadians are increasingly turning to recreational properties as a way to enter the housing market. With high prices in urban areas, many see cottages as a more affordable option for home ownership. A recent survey indicates that a significant portion of younger buyers view these properties as part of their long-term financial plans.
- ▪Victoria Preston purchased a cottage in Kawartha Lakes for about $700,000, co-owned with her brother and rented out as a vacation home.
- ▪Nearly half of prospective Canadian buyers view recreational property as an entry point into the housing market, especially among those aged 18 to 34.
- ▪The average home selling price in the Greater Toronto Area remains high at $1,051,969 despite a recent decrease in prices.
Opening excerpt (first ~120 words) tap to expand
Open this photo in gallery:Victoria Preston in front of her first property purchase, a cottage in the Kawarthas co-owned with her brother and rented out as a vacation home, on Monday.Shay Conroy/The Globe and MailShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountVictoria Preston thought her first step into the housing market would be a condo in Toronto, where she lives. Instead, her entry point into home ownership was a cottage in Kawartha Lakes, about 90 minutes outside of the city.She was then in her early 20s and trying to break into real estate, but a two-bedroom condo would have stretched her finances thin. “You just don’t really get a lot of bang for your buck,” said Ms.
…
Excerpt limited to ~120 words for fair-use compliance. The full article is at The Globe and Mail.
Discussion
0 commentsMore from The Globe and Mail
