It’s the time of year as we approach summer to expect more recreational properties to come on the market. And buying cabins and cottages is the newest fad sweeping Canada. But if you want to make that dream a reality, you’ll have to be willing to shell out some serious cash. What can be expected this season in the recreational property market?
Cottage Prices on the Rise
In 2020 recreational properties across Canada saw prices increase by an average of 17%, and 2021 is forecasted to grow another 15%. This will depend greatly on the region, but you can expect increases in every province across Canada. Interestingly, out of 3 property categories—urban, suburban and recreational—recreational properties show the most significant increase in prices since the pandemic hit, with suburban properties coming in second.
Life during the pandemic has made cottage country and country living more desirable than ever in every part of Canada. Some families are purchasing these properties as primary residences, and some as true recreational properties. The reality is people want green spaces and a place to get away.
How Does This Affect You?
The news is great for cottage owners looking to sell, as they’re bound to get top dollar for their properties. However, for buyers, this will mean they will likely be competing with other buyers looking for the same type of property as they are as supply is the lowest it’s been in a long time.
My Advice
Take advantage of the low interest rates on mortgages, secure financing and start looking now—don’t wait.
Be flexible...
...with location—you may have to travel a little further from your home base than you would like, but if you’re able to open up a larger geographic area for your search, you’ll have a much better chance of success.
...with size, style, and finishes. Let’s face it, in this case, location is one thing you cannot compromise when searching for your dream recreational property, but you can always improve on it over the years, and that’s a good thing as you’ll only add value.
...with your offer—make your offer as attractive as possible by being flexible on the dates, terms, and conditions.
Work with an experienced local REALTOR® who knows what to look for in a recreational property. There can be many different things about owning a recreational property that you aren’t familiar with, well water, septic systems, regulations around what you can and can’t do on your property/shoreline, and the list goes on.
Think it might be time to live your dream with a recreational property? I’d love to help you find the perfect one. Check out lake properties for sale in Saskatchewan, and contact me today to hear about exclusive listings before they hit the market!
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CENTURY 21 Fusion
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