"This season, we’ve spotted a demographic shift when it comes to today’s cottage buyers," says Gail McCormack, broker and owner of Kawartha Waterfront Realty.

"We’ve been working with more young professionals in their thirties and forties on the hunt for recreational properties in the Kawarthas," points out Kevin Copithorne, accredited buyer representative with Kawartha Waterfront Realty.

"They have decided to trade in their high-priced houses in Toronto and the surrounding area for waterfront properties no more than a two-hour-drive outside of the city," he adds. A few factors likely account for this trend. Toronto’s mind-boggling real estate prices are shaping sales in cottage country and driving purchases of four-season, primary homes.

“Many of the buyers who are drawn to the Kawartha Lakes today have seen their Toronto houses rise sharply in value,” says Gail McCormack. “And they’ve concluded now is the time to cash in and purchase a permanent waterfront residence in the Kawarthas."

Many have concluded freehold properties in Toronto, especially detached houses, have become too expensive and, frankly, unaffordable. Others have been discouraged by trying to upgrade in sought-after neighbourhoods in Toronto. They’ve decided to give up and look outside the city instead.

“Most people are leveraging the equity that has built up in their city property by remortgaging and buying a recreational property in the Kawarthas,” says Kevin Copithorne. “Others have decided to sell their primary residence in the city, rent there, and buy a property up here to use on the weekends."

 John McCormack, broker of record at Kawartha Waterfront Realty notes, “More people are opting for a lifestyle change and have decided to move out here. Many buyers have realized they can get a lot more value for their money, which means a better property, by moving out here."

 In desirable pockets of Toronto, nondescript semis are listed and quickly sold for $850,000.“If you spend that up here, you can get something special,” he says.

John McCormack also cites changes in the workforce as a factor behind the growing trend to trade housing in the city for a waterfront residence in the Kawarthas that doubles as a weekend getaway and a summer retreat. McCormack outlines shifts in workplace dynamics over the last forty years.

“When I began my career, many were employed by the same company for life. They were loyal to their employer, and in turn, their employer was loyal to them. As long as you provided value to the company, you were virtually guaranteed a job.”

Nonetheless, the relationship between employer and employee began to evolve with time. In the following decades, fewer employees served out their careers with the same employers. Employers began hiring individuals who already worked with the company on a contractual basis to work on various projects. In more recent years, employers adopted the practice of contracting out work to independent contractors or people external to the company. Once the project or contract is complete, the employer is free to let the contractor go without owing him or her anything.

“It seems more people are working independently or under contract today,” concludes John.

“They have jobs that don’t tie them down to an office five days a week,” adds Gail. “They can work anywhere as long as they have access to high-speed internet."

 Although many of these people have decided to move out of the city, they still want to be relatively close to their place of work, perhaps to allow for the occasional face-to-face meeting.

“Another important factor is that many companies have much more flexible work rules now which allow people to work from their homes,” points out Kevin Copithorne. “For example, people may only need to be in the office on Tuesdays, Wednesdays, and Thursdays, which gives them the flexibility to come to the Kawarthas on Fridays and leave on Mondays.” “All of these factors are beginning to combine for more people getting out of the city and coming up here."

 It will be interesting to see how this nascent trend plays out over time and affects property purchases in the Kawarthas. Indeed, Toronto’s heated market seems to be nowhere near a slowdown. As long as interest rates and the economic environment remain stable, price growth is expected to continue in Toronto for the balance of 2015. As a result, the growing exodus from Toronto may persist for this segment of the workforce with greater flexibility and perhaps more tenuous ties to their employers.

Photo courtesy of Mary-Ann Alberga No Alterations Made - Creative Commons