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Created: 2014-09-03 15:10:43
Many times I’m asked “Who is buying waterfront in the Land O’Lakes area?”
It’s an interesting question to contemplate. I’ve noticed our market splitting into two types of buyer categories, possibly due to the different generations of buyers.
We have the Generation X (born late 1960’s to 1980’s) who are business owners or have been in ‘upwardly mobile’ careers and have owned their homes for years enabling them to build equity in their homes. Most have small children and know that the cottage is that special place where they will build memories with their kids that will last a lifetime. As well, as diverse investors they have seen how real estate makes for a great investment.
We also have the Baby Boomers (born between 1946 and 1964) who I refer to as the ‘Retiree Generation’. They are now working on fulfilling their well-deserved dreams of retiring to the lakes. After dedicating their life to raising and providing for their family, it is now time to sell the large city home and buy that beautiful waterfront home. Thanks to the past real estate booms that have seen city markets rise, many people will buy their waterfront home, sell their city home and live mortgage free with, perhaps, additional retirement savings.
The central location which the Land O’ Lakes offers has proven to be a great location to move to or to cottage in. This area offers a great meeting point for retirees who have children working in these major centers of Eastern Ontario. Close to many small villages which offer the essential services and being 1 hour 30 minutes to Ottawa, 1 hour to Kingston or Belleville and 2 hours 30 minutes from Toronto.
As our world economies continue to piece themselves back together after the ‘Great Recession’ and we start to enter another growth period we will continue to see an increase in demand of waterfront properties. Since all of us know what happens when we see demand rise and supply stay the same (there are no lakes being created!), there is no doubt in my mind that it will only continue to be more difficult to obtain waterfront property.