Marketing Monthly | August 2020: Transferring to the next generation
In this issue:
- Coronavirus: Real estate market in Ontario’s cottage country experiencing boom
- Transferring the family cottage
- 68% of young people expect an inheritance, yet only 40% of their parents will leave one
- Handing down the family cottage
- How to hand down your cottage while keeping the peace
- Priced out of urban areas, millennials opt for the cottage
Coronavirus: Real estate market in Ontario’s cottage country experiencing boom
The pandemic is driving some curious real estate trends as a combination of working from home and restrictions on travel is driving people to look at more rural areas. The demand for locations off the beaten path has led to bidding wars in cottage country that many agents have rarely seen.
Transferring the family cottage
The family cottage should invoke memories of warm weather, sunshine, and happiness. Unfortunately, for some, estate battles or family fights surrounding the cottage can tarnish these positive memories upon the death of the owner of the property.
68% of young people expect an inheritance, yet only 40% of their parents will leave one
The fact that almost 70 percent of young people expect to get an inheritance may mean they’re in for an unpleasant surprise, since only 40 percent of their parents plan to leave one. That’s according to new research from the Natixis U.S. Investor Survey.
Handing down the family cottage
The summer cottage that brought so much pleasure to the family may turn into a financial issue for the next generation. Taking the time now to plan how to turn the property over to the next generation — whether you own or are just in the process of purchasing — could help manage tax and other implications.
How to hand down your cottage while keeping the peace and saving money
Nothing is sure but death and taxes. Ben Franklin said it centuries ago, but it’s never been more relevant than now for the aging cohort of cottagers preparing to transfer ownership to the next generation.
Priced out of urban areas, millennials opt for the cottage
Like many people in their late 20s and early 30s, Heather Payne and her husband, Shawn Konopinsky, are bright, ambitious and successful – but they don’t own the place where they live with their one-year-old baby. Instead, they own a cottage.
For the past five years, they have rented their apartment in the downtown Toronto neighbourhood of Parkdale, joining the 50 per cent of millennials who are still renting their homes by age 30, according to the 2016 census data, compared with the 45 per cent of boomers who hadn’t bought their place by the same age.
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