Canadian Vacation Cottages in High Demand
A recent report from Royal LePage Realty suggests that many Canadians are now paying more for cottages and recreational properties than for their homes.
Demand, and thus prices, for recreational properties has spiraled out of site in most markets throughout the country, the report says, fueled by retiring baby boomers and young families alike.
Almost 25% of those surveyed by Royal LePage said that they were ready and willing to pay more for a recreational property than for their home.
“Escalating recreational property prices are evident in the majority of markets across the country and do not show signs of decreasing in the near future,” said Royal LePage CEO, Phil Soper, in a news release.
The average cost of a two-story single family dwelling in Canada now stands at $340,956, according to a recent survey of housing prices, while the average recreational cottage now sells at a whopping $413,694.