Marketing Monthly | Transferring to the next generation (August 2022)
In this issue:
- 4 ways to pass along the family cottage
- Sales in Ontario’s cottage country have slowed, but the rental market remains strong
- How to share the family cottage peacefully
- Planning for an inheritance
4 ways to pass along the family cottage
You can’t spend an afternoon paddling rivers or jumping off a dock without wondering where we, as Canadians, would be without cottage life. Yet, the joy of living a bit rough—with the bugs, the loons and everything in between—can, unfortunately, become a source of stress as aging parents start to ponder how to pass on the family cottage to the next generation.
Sales in Ontario’s cottage country have slowed, but the rental market remains strong
When Tara Rudd and her husband bought a cottage with a view of Ontario’s Lake Couchiching in January, they planned to quickly renovate the home and flip it in the spring. But when they put the updated house on the market in May, they received just one offer, which turned out to be a bust. In no rush to sell, the pair switched gears two weeks ago and entered a market that, despite recent economic jitters, has barely cooled, if it has at all: vacation rentals in cottage country.
How to share the family cottage peacefully
The family cottage: Whether you own one or have spent summers at one, you know it’s far more than a welcome refuge from the daily grind.
It’s also a storehouse of priceless memories and milestones – particularly if it’s been in your family for generations. Maybe it’s the place you (or your kids) learned to swim. Or where you saw your first bear. Or perhaps your cottage memories recall rainy nights playing board games by the light of a kerosene lantern. Or sunny days spent fishing with aunts, uncles, cousins, parents and grandparents.
Regardless of the nostalgia it conjures, a shared family cottage also comes with responsibilities – especially if you want to keep it in the family for generations to come.
The good news is there are plenty of ways to make sure your summer abode remains the scene of warm family memories, both now and in the future. Here are 6 tips to keep in mind…
Planning for an inheritance
Nearly half of Canadians expect to receive an inheritance. But while it’s important to consider those potential funds in your own retirement planning, counting on them is downright dangerous. Here’s what you need to know.
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