Buying a vacation home is a discretionary purchase, said UBC business professor Tsur Somerville, in a Metro News story on real estate prices and trends.
Statistics from a TD survey showed 25 per cent of millennials plan to buy vacation property compared to 13 per cent of the rest of the population.
“It’s a much more discretionary purchase,” Somerville said. “Everybody needs shelter, but everybody doesn’t need a vacation home.”
