Buying a recreational property with other people can make it an affordable prospect. Be sure to have a legal framework in place. Photo by flyzone /Getty Images

Article content

Many Albertans dream of owning a recreational property, but increasing costs of living paired with rising property prices in recreational communities are forcing more prospective buyers to get creative.

Article content

“Co-ownership has become a practical solution that allows family members or close friends to share both the up-front investment and ongoing costs while building equity together,” says Don Kottick, president of Re/Max Canada.

Article content

Article content

Article content

His assessment — backed by those of other realtors in Alberta and across Canada at Re/Max — is partially based on the 2026 Re/Max Recreational Property Report that found 45 per cent of prospective buyers view recreational real estate as a potential foot in the door over high-priced markets like Toronto and Vancouver.

Article content

Article content

“Canadians no longer see these properties as simply seasonal cottages,” Kottick says. “These properties are increasingly seen as year-round places to live.”

Article content

These recreational homes are also seen as valuable investments. The report noted that 60 per cent of current owners consider recreational property an investment serving long-term family wealth goals.

Article content

That includes Alberta markets, Kottick says, pointing to Canmore, one of Canada’s most expensive recreational markets.

Article content

“Markets like Canmore continue to attract buyers looking for more than just a weekend getaway,” he says. “They’re considering long-term appreciation, a property’s rental potential and their own lifestyle all in one transaction.”

Article content

It’s a similar approach in Alberta’s lake communities like Pigeon Lake, Wabamun Lake and Lac Ste. Anne. Re/Max realtors in those markets are seeing an increase in joint purchases with buyers seeking ownership “sooner than they could otherwise,” Kottick says.

Article content

Article content

“Co-ownership gives buyers an opportunity to begin building equity today while enjoying the lifestyle benefits that come with recreational property ownership.”

Article content

Joint ownership simply lowers the barrier to entry, allowing families and friends to share in the down payment, monthly mortgage payments and ongoing carrying costs.

Article content

Yet, Kottick notes prospective buyers considering this route should be prepared.

Article content

“You want to treat this like a business partnership,” he says. “Before buying, all parties should agree on ownership shares, how expenses will be divided, maintenance responsibilities, scheduling and what happens if someone wants to sell.”

Article content

Notably, all these facets should be documented in formal, legal agreements.

Article content

“Clear communication and a strong legal agreement are the foundation of a successful co-ownership arrangement,” he adds.

Article content

Among considerations for an agreement to cover are the ongoing ownership costs that include insurance, property taxes, utilities and maintenance. That latter is especially important for waterfront properties with docks, as well as cottages with wells and septic systems. Inevitably, issues arise requiring additional outlays of money. Consequently, agreements should include provisions for reserve funding. That way, money is always available to pay for unforeseen costs, he adds.

Article content

Broadly speaking, prospective co-purchasers are likely to experience better long-term outcomes when they share similar financial expectations and long-term goals, Kottick says.

Article content

“Buyers should be comfortable having honest conversations about budgets, maintenance, renovations and future plans before making an offer,” he says.

Article content

“You should look for someone you trust, who is responsible and accountable, as co-ownership is one of the biggest financial decisions you can make.”

Article content