Affordability, a Hallmark of Chatham-Kent, Factor into Greater demand for Recreational Property
Canadian recreational property markets have been reinvigorated, with the higher US dollar value, and a rebound in consumer confidence contributing to an upswing in sales. Chatham-Kent, the Affordable location is found in the middle of the Great Lakes and as result has several resort areas within it's boundaries. Mitchell's Bay is found on the shores of Lake St. Clair and is famous for its beach, swimming, boating fishing, wind surfing, ice fishing, hunting, snowmobiling and skating in the winter. Erieau and Rondeau Provincial Parks on Lake Erie are also quaint little Resort Villages in Chatham-Kent. Many visitors from across the border have been spending their vacations at Canadian locations, renting cottages, participating in Fishing Derbys, sightseeing and travelling across our beautiful country. Greater affordability has been a major impetus, which is just what Chatham-Kent has to offer. Adding to this market of buyers are those from larger centres like Toronto. Chatham-Kent is an easy drive with none of the traffic challenges that present themselves as cottagers head out of Toronto and other large cities on Friday afternoon. Many have found themselves sitting in traffic jams or having to leave on Thursday to avoid the rush.
Recovery was in its early stages in 2011-2012, but the stage was set for 2014 and beyond. Affordability provided some serious stimulus, but renewed consumer confidence was the true driver. Buyers will simply not move forward if any doubts exist—economic or otherwise. So the demonstration of confidence is evident today.
While buyers are still cautious, they’re motivated. Current market conditions have placed them firmly in the driver’s seat. Activity has also been fuelled by pent-up demand that’s been building since 2008, when many began waiting it out on the sidelines. Opportunity now exists for our U.S. visitors as well as fellow Canadians. Buyers love a good deal, and there’s no question that there are some to be had in recreational property markets across the country. Don't miss that Hidden Gem, Chatham-Kent and all it has to offer.
The changing mix of purchasers has also had an undeniable impact on the current momentum. Activity among the baby boomer demographic over 60 has softened, compared with years past. Enticing prices in the southern U.S. have played a considerable role in rerouting some purchases, but some retirees are returning to their own backyard, as prices north of the border have become more appealing especially with the difference in the U.S. dollar. Generation X, younger families and first-time buyers have stepped in. The Y Generation or Millenials, thinks differently than their fathers or grandfathers. They do not mind working hard but they want some leisure time as well and they are not afraid to step out and enjoy it.
The mindset of this year’s buyer pool falls firmly into two camps—those willing to compromise, buying back-row properties off the water (happening in larger numbers—reflective of more young families active at the entry-level), and those who are steadfast in their search for the ideal location. While turnkey product is always the preference, it’s rarely a deal breaker, as renovation activity abounds. Teardowns and custom-builds are occurring where possible, but older, rustic cottages and/or vacant waterfront lots, are becoming increasingly scarce.
The good news is that there is something for everyone, regardless of budget, in Canadian recreational property markets. The challenge in the current climate is balancing expectations with market realities—both on the part of the vendor and the purchaser. Yet, deals are coming together.
This demand will increase in 2017, all the signs are there. Markets like Chatham-Kent, the Affordable Lifestyle location to relocate to, retire to, or purchase a vacation property will continue to offer choice affordable properties in Resort Waterfront Locations. Call me, Wayne Liddy 519-436-4810 Royal LePage Peifer Realty for all your Real Estate Need and visit my website for Chatham-Kent Events, Happenings and Choice Waterfront Properties for sale in this desirable area.