Along with steep prices come complex tax, legal, estate planning, insurance and investment issues to consider when buying recreational property.
In short, Canadians thinking about investing hundreds of thousands of dollars into a vacation second home need to do their due diligence and seek solid professional and expert advice.

The Complete Guide to Buying and Owning Recreational Property in Canada, available at most bookstores, is a good place to start. In the 300-and-some page book, Vancouver-based recreational and retirement real estate expert Doug Gray has offered some valuable insights and tips on purchasing and owning recreational properties, from cottages, to condos, to chalets.  Plus, he does it an easy-to-follow style that puts some of the legal real estate jargon into everyday English. The book contains dozens of useful website references, an extensive glossary and one of the most comprehensive buyer checklists that you’ll ever see.

Topic areas include:
*  Buying the right property, for the right reasons, in the right location
*  How to set a purchase and financing strategy and how to negotiate your best deal
*  How to exercise caution when buying with
    family or friends – and how to keep peace in the family when sharing use or ownership
*  Getting the help of professionals, such as a tax accountant, lawyer, home inspector, mortgage broker, insurance broker and realtor
*  Obtaining tax-and estate-planning strategic advice to save tax on transfer, sale or bequeathing of the property, or inheriting a property
*  What you need to know if you are buying recreational property as an investment
*  Money saving and money making tips when renting your property yourself or using professional rental management
*  Special cautions if buying a vacation home outside of Canada
*  Creative ways of using your vacation home for exchange or barter
*  Key strategies to follow and classic pitfalls to avoid