“Almost half of the regions are reporting an increase in buyers looking to rent out their recreational properties part or full-time and this trend is most common in Ontario and British Columbia,” said a new report by Re/Max.
The annual report also found that Canada’s hot urban centres are not the only locations experiencing an accelerated rise in house prices and sales; nearly all recreational regions are witnessing year-over-year price appreciation and an increase in sales, with a particular focus on Muskoka, Whistler, the Kawarthas, Haliburton and Wasaga.
It’s an ideal time for Canadians to kick-start their journey towards their dream retirement, owning a property on a quiet lake in a rural setting, but renting it out now to maximize its value.
“Investors can go and make their dreams come true, just like that,” says Michelle Caron, broker of record at Tourism Investment Properties International.
Investing in tourism is likely an out-of-the-box option for many real estate investors, but there are opportunities out there, at properties where owners and operators are getting tired and want to properly retire themselves.
“They are closing portions of these properties down,” explains Caron. “Their children are working in the city and don’t want to take over the business. Investors can transition to hospitality.”
Pick up a copy of CREW’s July/August issue, which highlights Canada’s more affordable, and cash-flowing, recreational markets. Alternatively, subscribe today.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
The low Canadian dollar is having a positive impact on the tourism industry, with local recreational renters spending their vacations closer to home and foreign buyers taking advantage of the low dollar – all pointing to the benefits of investing in tourism.