TORONTO -- Realtor group Remax says young families and near and recent retirees are driving the majority of recreational property sales across the country.
Remax says sales are rebounding after a late spring and is forecasting a modest increase in sales and prices for cottages, cabins, vacation condos and camps throughout the rest of the year.
The national realtor group says Canada's strong residential real estate market in urban centres has had a spillover effect on recreational property sales with homeowners using equity gains in their homes to buy a second property.
Remax also says buyers are purchasing properties from where they can work throughout the summer and use all-year round.
It says while some potential buyers may have been discouraged by the Canada Mortgage and Housing Corporation's recent decision to eliminate insurance on second mortgages, there has been little to no impact on sales from the change.
Remax also says a weaker Canadian dollar has prompted buyers to remain in Canada rather than buying south of the border.
