The demand for recreational properties is expected to increase in 2023, with Gen X leading the market. This demographic group, aged between 42 and 57 years, is likely to dominate the recreational property market due to their strong financial standing and desire for a work-life balance. The COVID-19 pandemic has contributed to the trend, as many individuals seek a safe and private escape from their urban lifestyles.
The report highlights several cottage trends that are anticipated in 2023, including an increased demand for waterfront properties, more modern and luxurious designs, and a preference for year-round amenities such as heated pools and reliable internet connectivity. However, the report also notes that many buyers are seeking to leave their cottages to the next generation, creating a legacy for their families.
Generation X’s desire to leave their cottages to their children and grandchildren likely stems from their strong financial standing and the desire to create a lasting family legacy. With current economic uncertainty, many individuals see cottages as a safe and stable investment that can be passed down through the generations.
Despite the anticipated increase in demand, affordability remains a concern. As such, many cottage buyers are expected to seek out properties in more affordable markets, such as the Maritimes or Eastern Ontario. Alternatively, some buyers may opt for fractional ownership, which allows them to share the costs of ownership with others.
Overall, the recreational property market is set to experience significant growth in 2023, with Generation X leading the charge. As the pandemic continues to influence the way we live and work, many individuals are seeking a change of scenery and a more balanced lifestyle. For Generation X, this includes leaving a lasting legacy for their families through their cottages.
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