Gen X to flex new purchasing muscle
in recreational property markets across Canada, says RE/MAX

Demographic shift underway in 74 per cent of markets surveyed
Kelowna, BC (June 2, 2009) — Generation X purchasers are poised to replace aging baby
boomers as the major force in recreational property markets across the country, according to a
report released today by RE/MAX.

The demographic shift was noted in the 2009 RE/MAX Recreational Property Report
highlighting sales, pricing, trends and developments in 50 Canadian markets. The report found
demand from Gen X (those born between 1965 and 1980) has nearly doubled over one year ago.
Seventy-four per cent of markets surveyed this year reported a marked trend toward thirtysomething
buyers snapping up affordably-priced product, ranging from waterfront cottages to
resort condominiums, compared to just 40 per cent in 2008.
“Much of the activity in the marketplace today has to do with the mindset of this particular
generation,” says Elton Ash, Regional Executive Vice President, RE/MAX of Western Canada.
“More important than the investment aspect is the commitment to lifestyle. The purchase of a
waterfront home or a condominium is more than a simple transaction to Gen X purchasers –
owning a recreational property underscores their dedication to family and balance.”
The financial strength of the cohort dovetails well with current market realities. Sixty-six per cent
of recreational property markets surveyed reported a decline in the number of recreational
product sold in the first four months of 2009, while 22 per cent indicated sales were either up or
on par compared to one year ago. While the combination of inclement weather and a global
recession clearly hampered sales activity earlier in the year, many major centres are currently
experiencing an upswing in activity as the traditional cottage season gets underway.

“After being priced out of most markets for the better half of the last decade, Gen X purchasers
now have the financial wherewithal to buy recreational product at virtually every price point,”
says Michael Polzler, Executive Vice President, Regional Director, RE/MAX Ontario-Atlantic
Canada. “Gen X is ideally positioned to pick up any slack in recreational property markets caused
by softer demand from baby boomers and retirees. They represent the next wave of recreational
property owners in Canada and they know it.”

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