Albertans most likely to give in to recreational property purchase
CALGARY - Despite the economic downturn, many Canadians are still dreaming of owning a recreational property, both as a long-term investment and to enjoy with family and friends, says a national real estate report released today.

And Albertans are among the most willing in the country to make changes to their finances or lifestyle to own a cottage.

The 2009 Royal LePage Recreational Property Report said Canadian are willing to make sacrifices to own a cottage and more of them want to use their cottage, cabin or chalet year-round as a recreational property although some still want it as their primary residence.

The real estate firm’s nationwide survey showed the dream of owning a getaway property on the water, to escape the pressures of city life and to relax with family and friends is still alive and well across the country,” said Phil Soper, president and chief executive of Royal LePage Real Estate Services. “Beyond the obvious lifestyle benefits, however, our research demonstrates Canadians see recreational property as a smart and safe long term investment.”

The survey found that 64 per cent of Canadians view cottage ownership as a sound investment. To pursue their dream of buying a recreational property, 55 per cent of Canadians would be willing to make compromises with regards to their financial or lifestyle choices, such as purchasing a property with family and friends, renting out their cottage, making a cottage their primary residence, buying a fixer-upper, or moving into a smaller principal home in the city.

“In Alberta, 69 per cent of residents agree that a cottage is a good long-term investment. At 62 per cent, Albertans are among the most willing in the country to make changes to their finances or lifestyle to own a cottage. One in five Albertans would purchase a fixer upper, the highest score in the country, and 15 per cent would purchase a property with friends or family members,” said the report.

For Albertans, the three most important features of a cottage or recreational property are access to utilities (60 per cent), peace and quiet (51 per cent) and four-season use (33 per cent). Access to boating and fishing (28 per cent) and proximity to amenities (22 per cent) also ranked high for Albertans. Sixty per cent said a cottage on a lake would be their first choice, but 11 per cent would choose a resort condominium and another 11 per cent would choose a property in the woods, both significantly higher than the national average.

“An interesting trend is emerging that we believe is a direct response to the increasing size and congestion of our cities, accelerated by the recession,” said Soper. “More and more Canadians have a desire to escape the urban jungle and use their recreational properties year-round.”

Given their choice, 68 per cent of Canadians would purchase a recreational property on a lake, far and away the most popular choice, said Royal LePage.

Canadians believe that the three most important features of a recreational property are peace and quiet (58 per cent), access to utilities (50 per cent) and four-season use (39 per cent).