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Hlt Recreational Real Estate Hd Presentation
- 1. Welcome to
- 3. Canadian Recreational Real Estate Ownership – Consumer Perspective Presented by: Richard Leigh-Bennett, CMRP Group Vice President, Travel, Leisure & Gaming Harris/Decima
- 8. Out-of-town Pleasure Trips Took at least one out-of-town pleasure trips in an average year Base: All respondents (n=1,985) Took at least one out-of-town pleasure trips in an average year Within a three to four hour drive
- 9. Average Number of Trips per Year Within a three to four hour drive Average Number of Trips Per Year In an average year, how many out-of-town pleasure trips would you say you take that are….? Base: All respondents (n=1,985)
- 10. Top Reasons Canadians Travel In general, which of the following would you say best describes why you take out-of-town pleasure trips ? Base: All respondents (n=1,985)
- 11. Accommodation When taking these out-of-town pleasure trips, where do you usually stay? Base: Those who travel to each respective destination
- 12. UNDERSTANDING OF THE MARKETPLACE
- 14. Understanding Recreational Real Estate Top 2 Box % 26% 19% 7% 8% 5% In general, how familiar would you say you are with each of the following types of recreational real estate? Base: All respondents (n=1,985) 2008 2009 43% 21% 8% 8% 5%
- 15. Type of Ownership Owners include sole proprietors of any type of property – whole and shared ownership (timeshare and fractional) Purchased: 34% Inherited: 66% Purchased: 80% Inherited: 20% Purchased: 95% Inherited: 5% *Purchased: 79% *Inherited: 21% Which of the following best describes your ownership status with recreational real estate? Base: All respondents (n=1,985) Did you purchase or inherit the recreational real estate property that you own? Base: Current owners of recreational real estate property: Whole/Sole, n=175; Family, n=187; Timeshare, n=107; Fractional, n=13 *caution small sample size Overall, 25% own recreational real estate property
- 16. Current Owners: Building Type Thinking about your current recreational real estate property, is your property a…? Base: Current Owners: Sole Ownership (n=172); Family Ownership (n=187);Timeshare (n=107); Fractional (n=13) *caution small sample size Sole Ownership Family Ownership Timeshare Fractional* Small Sample Size
- 17. Current Owners: Year of Purchase or Inheritance 15% 15% 12% 10% What year did you purchase the [INSERT RECREATIONAL REAL ESTATE OWNERSHIP TYPE]? Base: Current owners of recreational real estate property: Whole/Sole, n=175; Family, n=187; Timeshare, n=107; Fractional, n=13 *caution small sample size
- 18. Current Owners: Year of Purchase What year did you purchase the [INSERT RECREATIONAL REAL ESTATE OWNERSHIP TYPE]? Base: Current owners of recreational real estate property: Whole/Sole, n=140; Family, n=65; Timeshare, n=100; Fractional, n=10 *caution small sample size
- 19. Current Owners: Year of Inheritance What year did you purchase the [INSERT RECREATIONAL REAL ESTATE OWNERSHIP TYPE]? Base: Current owners of recreational real estate property: Whole/Sole, n=32; Family, n=122; Timeshare, n=7; Fractional, n=3 *caution small sample size
- 20. Current Owners: Location Amenities Which of the following amenities does your current recreational real estate property have? Base: Current owners of recreational real estate property (n=436)
- 22. Current Owners Pre-Purchasing Criteria Thinking about your current recreational real estate property, how strongly do you agree or disagree with each of the following statements? Base: Current owners who purchased their recreational real estate (n=297) Top 2 Box % 83% 81% 43% 26% 23% 50%
- 23. Current Owners Purchasing Experience When purchasing your current recreational real estate property, you likely spent a great amount of time dealing with recreational real estate sales teams. For each of the following attributes, please rate your experience conducting business with these sales teams. Base: Current owners who purchased their recreational real estate (n=297) Top 2 Box % 45% 40% 36% 21% 15% 38% 42% 38% 32% 21%
- 24. Current Owners Sales Team Rating How would you rate your overall experience with the recreational real estate sales teams that you encountered? Base: Current owners who purchased their recreational real estate (n=297) Excellent / Very Good 38%
- 25. NON-OWNERS
- 26. Non-Owners: Interest in Purchasing Actively Looking: 6% Interested: 94% Actively Looking: 2% Interested: 98% Actively Looking: 5% Interested: 95% Which of the following best describes your current interest in the sole ownership of recreational real estate? Which of the following best describes your current interest in shared ownership recreational real estate? Base: Non-owners of recreational real estate property (n=1,549) Overall, 19% Non-Owners are interested in purchasing recreational real estate
- 27. Reasons for Disinterest Why aren’t you interested in purchasing recreational real estate? Please select all that apply. Base: Non-Owners not interested in purchasing recreational real estate (n=1,092)
- 28. Reasons for Disinterest 2009 vs 2008 Why aren’t you interested in purchasing recreational real estate? Please select all that apply. Base: Non-Owners not interested in purchasing recreational real estate : 2009, n=1,092; 2008, n=654 indicates statistical significant at the 95% level.
- 29. Interested Non-Owners: Timeline for Purchasing When are you thinking of purchasing a solely-owned recreational real estate property? When are you thinking of purchasing a shared ownership property? Base: Non-Owners interested in Recreational Real Estate: Whole/Sole, n=416; Shared, n=164
- 30. POTENTIAL OWNERS
- 31. Current Owners: Looking to Purchase Shared Ownership Property Solely-Owned Property TOTAL Current Owners Interested in Recreational Real Estate 29% Are you thinking of purchasing any other recreational real estate property in..? Base: Current owners of recreational real estate property (n=436) 26% 13%
- 32. Potential Owners: Importance of Amenities How important it is for your future recreational real estate property to have each of the following amenities or characteristics? Base: Those interested in recreational real estate (n=671) Top 2 Box % 40% 35% 32% 27% 23% 22% 19% 17% 16% 13% 11% 10%
- 33. Location Characteristics: Current versus Potential Which of the following location characteristics best describe your current recreational real estate property? Base: Current owners of recreational real estate property (n=436); Those interested in recreational real estate (n=671)
- 34. Potential Owners: Desired Features Building Type Weeks Used per Year Location Base: Those interested in recreational real estate (n=671) *valid responses only Purchase Price* Purpose
- 36. Age & Gender by Ownership Status OVERALL Current Owner Interested Non-Owner Uninterested Non-Owner (n=1,985) (n=436) (n=457) (n=1,033) Base: All respondents (n=1,985)
- 37. Household Income by Ownership Status OVERALL Current Owner Interested Non-Owner Uninterested Non-Owner (n=1,985) (n=436) (n=457) (n=1,033) Base: All respondents (n=1,985)
- 38. Household Status by Ownership Status OVERALL Current Owner Interested Non-Owner Uninterested Non-Owner (n=1,985) (n=436) (n=457) (n=1,033) Base: All respondents (n=1,985)
- 39. RECOMMENDATIONS
- 42. Current Sole Owners: Features Building Type Bedrooms Bathrooms Mean: 2.6 Mean: 1.6 Base: Current Owners: Sole Ownership (n=172) Weeks Used per Year Location
- 43. Current Sole Owners: Features (cont’d) Base: Current Owners: Sole Ownership (n=172) *valid responses only Purchase Price* Purchased/Inherited Purpose Mean: $173,968 Year Purchased/Inherited (n=140) (n=32) Likely to Sell
- 44. Current “Family” Owners: Features Building Type Bedrooms Bathrooms Mean: 3.1 Mean: 1.7 Weeks Used per Year Location Base: Current Owners: Family Ownership (n=187)
- 45. Current “Family” Owners: Features (cont’d) Base: Current Owners: Family Ownership (n=187) *valid responses only Purchase Price* Purchased/Inherited Purpose Mean: $183,379 Year Purchased/Inherited (n=65) (n=122) Likely to Sell
- 46. Current Timeshare Owners: Features Building Type Bedrooms Bathrooms Mean: 1.8 Mean: 1.7 Weeks Used per Year Location Base: Current Owners: Timeshare Ownership (n=107)
- 47. Current Timeshare Owners: Features Base: Current Owners: Timeshare Ownership (n=107) *valid responses only **caution small sample size Purchase Price* Purchased/Inherited Purpose Mean: $19,254 Year Purchased/Inherited (n=100) (n=7**) Likely to Sell
Notas del editor
- Results are very similar to what we have found in other studies we conduct for the Canadian Tourism Commission in that when Canadians travel they usually stay close to home. What we are seeing is a drop in frequency of trips to places further away – US, sun and sand destinations and overseas.
- Travellers average 4 week-end getaways a year as well as one to two other trips in Canada.
- The reason they are travelling is usually for family reasons. We are finding that more and more families are travelling together than we have seen in the past 30 years. Children are living at home longer and are taking vacations with there family at older ages. The generation gap that we once knew is fading from memory. Activities are key for travel – some form of sports or recreation, amusement parks (I have three kids under 12 and every year we slept to Wonderland to visit cousins) or experience some form of nature or culture.
- Following this family theme we see many trips within Canada end up at some other relatives house or a friends place. Weekend getaways to hotels are becoming fashionable among the middle-age set. Trips to sun and sand destinations are usually booked through a all inclusive resort where as Hotels dominate the US and overseas market. Of interest is the 8% to 10% of week-end and within Canada trips where Canadians stay in a secondary residence or some form of shared ownership property.
- Some definitions to note – family ownership is a category we added this year and thus some of our comparisons to 2008 are not valid.
- Timeshare has the highest familiarity levels among the “shared ownership” concepts at 21% other lesser known types of shared ownership fractional property ownership, destination clubs and private residence clubs all at less than 10%
- Majority of travellers do not own recreational real estate property – three quarters Sole ownership and or some sort of shared family ownership are just under 10% each with timeshare and fractional property slightly lower. Family ownership is usually some sort of free standing vacation property with the vast majority of those passed down from one generation to the next. Other sole or shared timeshare units are usually purchased.
- Timeshares are usually condominium units.
- Looking at purchasers we see that family vacation retreats are less likely to have been purchased in the past 10 years than solely owned or timeshare units.
- Waterfront is king in Canada followed by a diverse array of activities from shopping to dining to skiing. One quarter of current owners have the ability to exchange their time at another resort – an important selling point for timeshare and fractional ownership.
- The top purchasing criteria are location and amenities as we have seen a location close to the water is preferable. The majority of buyers are happy with their purchase – one that was done with a fare amount of research and before they had a chance to see the completed property. The importance of brand reputation cannot be stressed enough here. This is not an impulse purchase and buyers are doing their homework so word-of-mouth from previous buyers will go along way in convincing the potential crowd to get on board.
- The sales teams are key – while most are seen as professional and informed – there is still a degree of trepidation with RRE sales people. Potential buyers see someone who is motivated to close the sale - the sales pressure tactics, indirectness and impatience may be turning off potential buyers
- Clearly there are still some poor performers out there giving the business a bad reputation.
- There are a handful (19%) of non-owners interested in purchasing but seemingly few who are actively looking. We have not seen any uptick in purchase interest since 2008 and I think Canadians are still very cautious about investments at this time.
- Money seems to be the biggest fear factor along with not wanting to be tied to one spot year after year. Although we will see later that uninterested travellers tend to be older Canadians with lower HHLD incomes. There is a pocket of high income earners out there who are young and ripe for long term investment opportunities. Certainly the volatility and erosion of the stock market in the past year may help to strengthen the attractiveness of a real estate investment.
- There is a good percentage (25-30%) of travellers who are interested in purchasing in the next 2 years while most may be thinking more long term that right now.
- We also have a gropup of current owners who are looking to purchase other RRE property although heir outlook may be more long term that the non-owners.
- So we lump together the interested non- owners and the current owners interested in purchasing again and we have this potential buyer group. The usual suspect of amenities are sought after and key to this list is that many potential buyers are think that brand reputation is important when considering who to purchase from.
- Multi response set here but potential buyers look similar to the current set with stronger inclinations towards the outdoors
- Potential buyers are seeking: Free standing units across a multiple of price ranges. Buyers see the potential for investment purposes but also want to use it as a vacation property with a third thinking they will use it at least 13 weeks of the year. Again close to home is the preferred choice for nearly half with one in five looking for opportunities to vacation south of the border.
- Current owners are more likely to be baby boomers (they get everything after all) but interested non-owners are more likely to be males under forty.
- Income follows suit with about one-third of interested non-owners making less than $80K HHLD income however there is a healthy pocket of potential buyers in the $100K to $200K range