Tag Archives: cottage buying

RE/MAX Recreational Property Report: Sunny Skies Ahead

Recreational-Property

National recreational property sales and listings have rebounded from a slow start caused by the late spring and cold winter experienced in many markets throughout the country. Across Canada the recreational property market is showing healthy activity that should lead to modest increases in sales and prices in most markets through the rest of the year.

Download full report here (PDF, 23.6MB)

Here is the summary for Ontario:

Thunder Bay
Entry Level – $150K
High End – $350K

Sudbury Median Price
+18.2% from $340K to $347K

Grand Bend
Entry Level – $100K
High End – $3M

Port Elgin/Southhampton
Entry Level – $200K
High End – $1.15M

Bruce Peninsula/Sauble Beach
Entry Level – $225K
High End – $750K

Collingwood Median Price
+6.8% from $505K to $540K

Wasage Median Price
+3.1% from $273K to $281K

Port Severn/Honey Harbour
Entry Level – $350K
High End – $1.4M

Parry Sound
Entry Level – $300K
High End – $800K

Barrie-Innsfil & Oro
Entry Level – $600K
High End – $2.4M

Keswick/Georgina Median Price
+7.9% from $342K to $371K

Orillia Median Price
+5.3% from $225K to $238K

Port Carling/Bala
Entry Level – $400K
High End – $7.35M

Bracebridge/Gravenhurst
Entry Level – $300K
High End – $6.4M

Huntsville/Lake of Bays
Entry Level – $300K
High End – $5M

Haliburton Median Price
-0.7% from $342K to $340K

West Kawartha
Entry Level – $300K
High End – $5M

East Kawartha Median Price
+6.8% from $345K to $360K

Ottawa Region
Entry Level – $225K
High End – $460K

Prince Edward County
Entry Level – $275K
High End – $2M

If you’re looking to buy or sell your cottage in Ontario — talk to Lori VanDinther, an experienced RE/MAX® REALTOR® who will guide you, every step of the way.

There is Buyer enthusiasm in Canadian recreational property markets in 2013!

According to a recent report released by RE/MAX, Canadians are seeing greater stability in returning to recreational markets. If you’re been thinking about purchasing cottage/resort property – the time is now!

In case you’re wondering, the shift can be attributed to six major factors:

  1. Confidence is growing in overall economic performance.
  2. Selection of recreational product is at its best level in recent years.
  3. Prices have softened in many Canadian markets.
  4. Paper wealth accumulated in the stock market in recent years is making its way into recreational property markets.
  5. Purchasers are bypassing tighter financing criteria through HELOCs (Home Equity Line of Credit) on their principle residence.
  6. Increased foreign and out-of-province investment.

For list of starting prices of cottage/resort communities from coast to coast Download the Recreational Property Starting Price Chart 2009-2013

RE/MAX Recreational Property Report released: Cottage Sales Booming; Affordability a major factor in stimulating demand

Photo of a luxurious cottage

Cottage sales are booming and affordability is a key driver with rising inventory and low interest rates.

The annual RE/MAX Recreational Property Report was published on June 18th and in a nutshell, cottage sales are booming. Sales are up in 70 percent of Canadian markets as Canadian confidence is rebounding with softer values and increased selection as motivating factors. Enjoy these highlights!

Canadian highlights:

  • Sales are up in 70 per cent of Canadian markets while 6 per cent were on par with last year.
  • Affordability is a key driver with rising inventory and low interest rates. The upper limit of what most in the market are willing to spend is $400,000.
  • Prices remain soft with a downward trend in starting prices reported in 49 per cent  of markets,  33 per cent remained the same and 19 per cent saw an increase in starting values year-over-year.

Ontario highlights:

  • Ontario cottage sales are strong; 71 per cent of markets included in the study reported sales on par or ahead of last year’s figures.
  • Prices have stayed firm or dropped for the same period last year in 71 per cent of cottage markets analyzed.
  • Five markets reported lower sales compared to last year however, of the five, three markets- Prince Edward County, Haliburton and Huntsville/Lake of Bays fell short by  only three, seven and 12 sales respectively and are expected to catch up by the end of the season.
  • Conditions favour buyers due to ample supply although some shortages exist for entry level properties.
  • A new generation of buyers, young couples with children, have entered the cottage market and they’re price sensitive waiting for the right property to come along and willing to travel further just off the water for a better price.

In the popular market of Huntsville, Lake of Bays limited supply of waterfront properties is reflected in softer sales while multiple offers are occurring for the first time in years for cottages priced at $400,000 and under. Huntsville’s starting price for a three-bedroom, winterized recreational property on a standard-sized waterfront lot is $300,000 with the most expensive waterfront property sale on MLS this year was priced at $1.87 million.

Orillia has seen strong activity with waterfront sales climbed 54 per cent year-to-date, rising from 35 sales one year ago to 54 in the first four months of 2012.

In the luxury market of Bala/Port Carling starting prices for a three-bedroom, winterized recreational property on a standard-sized waterfront lot is $650,000. In this market, prices have held steady or experienced modest appreciation. Demand in Bala/Port Carling has been strong at all price points including the upper end where six waterfront properties sold at over $2 million during the first four months of the year.

Cheers to a great summer at the cottage. Read the entire RE/MAX Recreational Property Report 2012.

If you are interested in purchasing a cottage or recreational property, I would be pleased to assist you as your buyers agent. Or alternatively, let me refer you to another top real estate agent in the area you are interested in.