Luxury holiday cottages in Scotland as well as other real estate properties in the other parts of the UK and England are said to be in a boom. The status of the market of such is said to be the same case in the northern part of America, particularly Canada, as a recent poll showed that one in five Canadians are willing to cut down their expenditure in their main residence if this can give them the resources to purchase a cottage and cabin recreational property that most people only get to see in magazines.
According to the annual report by Canada’s recreational property market, due to a the low value of Canadian dollar, foreign buyers are attracted to purchase real estate properties in areas like Muskoka, Tofino, and Whistler.
Looking closely to details of the report, a large part of these buyers are said to be Canadians. According to Gurinder Sandhu, the vice president of ReMax – an American international real estate company, these Canadian buyers were the ones who took advantage of the business decline in the US property market in the year 2008, by selling off their US recreational properties and later on the taking advantage of low Canadian dollar value, purchasing their desired holiday cottages using their foreign gains. However, according to the real estate company, this is not the scenario across some of the provinces in Canada, as in Alberta and Newfoundland, where the income of the people are heavily restraint by the oil and gas industry. It is said that the market for real estate properties in these areas are stagnant.
Last June 8 to 11, in a poll where 1,538 Canadians were said to participate, more than half of the respondents of the poll said that they prefer to spend their long weekend at a cabin or a cottage than pick out a city to explore. Elton Ash, ReMax spokesman, said that this kind of lifestyle is the dream of many Canadians. In fact, owners of cottages make money out of their properties by renting them out either part or full-time, in order to save up the amount of money that is needed to purchase their dream property. Meanwhile, more than 40 percent said they would choose having the money to purchase this kind of recreational property over an out of the country summer vacation.