Most Cabin Owners Won't Keep It in the Family: Survey

Joannah Connolly
August 1, 2014

As British Columbians flock to vacation homes for the long BC day weekend, the dream of the family-owned cabin is slipping out of the reach of the younger generation, according to a BlueShore Financial survey released July 29.

Of those respondents who own a vacation property, only 39% said that their children will inherit the family property.

And in an exactly correlating figure, 61% of respondents whose parents own recreational property don't think that property will be passed down to them.

BlueShore said that the number one concern parents have about leaving the family vacation home to their children is long-term affordability of maintenance and taxes.

"The dream of inheriting the family cabin is moving beyond the reach of many people," said Chris Catliff, president and CEO of BlueShore Financial.

"Our survey shows that parents are worried their kids can't afford to keep up their recreational property. Given that so many recreational properties have a huge emotional investment, this is an important issue for families."

The survey report also said there was a lack of planning among property owners who do hope to transfer ownership to their children, with more than half (56%) not having a plan for transferring ownership. And even when they do have a plan, most (54%) haven't discussed details with their children.

"People may not realize what their options are for transferring property to other family members," said Catliff. "By getting some good advice now, they may be able to keep the cabin in the family for future generations."

Joannah Connolly
Joannah Connolly is editorial director of Glacier Real Estate, Glacier Media's real estate division. Joannah writes and curates real estate news for Glacier Media's local newspaper websites, including the Vancouver Courier, North Shore News, Burnaby Now, Tri-City News and others. She also oversees editorial content in Real Estate Weekly Homes, West Coast Condo, Western Investor and Glacier's special real estate publications. A dual Canadian-British citizen, Joannah has 22 years of journalism and editing experience in Vancouver and London, with a background in construction, architecture, healthcare and business media. Joannah has appeared on major local TV outlets as a real estate commentator, has moderated and spoken on various industry panels, and spent two years hosting the Real Estate Therapist radio show on Roundhouse Radio.