A growing number of renters in four-season communities like the Town of Blue Mountains, Ont. are transitioning from tenants to homebuyers, according to Eva Landreth, a Century 21 Realtor in the region and nearby Collingwood. She notes that the try-before-you-buy trend is creating more opportunities for realtors who rent and sell properties in the area, allowing them to connect with a larger audience.
Over the last four years, Landreth has sold homes to about 50 clients who initially rented. Previously, most people coming from Toronto or Southern Ontario to the area would join a ski club and rent a property for the winter season. However, with the community now offering activities year-round, more individuals are choosing to spend time in the area during all seasons, not just winter.
The trend towards working from home has also contributed to this shift, as people seek lifestyle changes and escape from the hustle and bustle of city life. Landreth mentions that the rent-to-buy trend is not unique to Blue Mountains but is also observed in other four-season destinations across the country.
Many buyers in Blue Mountain use their property as a secondary home while keeping their primary residence in the city.
Work-from-home fuels lifestyle changes
The trend towards working from home has also helped, Landreth says. “People want a lifestyle change. They don’t want to be stuck in Toronto traffic.”
She mentions that people initially come up on weekends, experience the area, and realize the year-round opportunities available. This leads them to make the switch to buying a home in the region.
Landreth also rents out properties with her husband’s company Seasonal Properties, which specializes in turnkey rentals of 30 days or more in the area. By renting for at least a month, they attract more consistent families and reduce wear and tear on the properties.
Trying before buying
Toronto resident Melanie Koszegi rented properties in The Blue Mountains before deciding to buy a home in the area. Initially unsure if they were “cottage people,” her family spent more time in the region during the pandemic, leading them to see it as a year-round location and make the decision to purchase a property.
Before buying, many people prefer to rent and experience the lifestyle of the area. Realtor Linda McClean of Sotheby’s Canada notes that this approach allows buyers to get a feel for the community and amenities before making a permanent move.
Secondary homes turned primary residences
McClean mentions that many buyers moved to the resort area permanently during the pandemic, particularly older individuals in their 50s and 60s. The Blue Mountains offer a great four-season spot with attractions like golf courses and Georgian Bay.
Landreth mentions that the average sale price in The Blue Mountains is around $1.3 million, with house rentals for the season ranging from $25,000 to $30,000, and even higher for luxury properties.
Leveraging seasonal rentals
Seasonal Properties rents about 40 to 50 properties during the ski season and a growing number in July and August. Landreth notes that many area owners rent out their properties when they are away, providing an additional source of income.
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