Canada’s cottage country — what realtors call the recreational property market — has seen some bad years since the Great Recession hit, but Royal LePage says that’s all going to turn around this year.
In a report released this week, the real estate agency says most parts of the country can expect to see a rebound in sales in cottage country.
But if that’s the case -- and keep in mind Royal LePage is in the business of selling cottages, so their forecasts will always look at the sunny side -- the great rebound hasn’t happened yet.
Sales in the cottage country north of Toronto dropped a full 18 per cent this April, compared to a year earlier, but that may have had to do with the harsh winter and late spring. The winter lasted so long that Royal LePage had to delay its report for lack of data, the Globe and Mail reported.
It’s not just this past winter, though. Things have been rough in the recreational property market ever since the Great Recession hit a half decade ago.
"In the middle of the last decade, we saw record levels of sales activity in the recreational property market, driven largely by the retirement dreams of our Boomer generation. The subsequent economic downturn dampened demand in the sector," Royal LePage president Phil Soper said.
After the recession, real estate investors and low interest rates helped hold up the market, but this year “we are seeing a return to primarily lifestyle-driven demand for cottages, cabins and chalets.”
In other words, according to Royal LePage, Canadians are ready to party in the woods once again.
Here’s a rundown of what you can expect to pay in cottage countries around Canada, and which markets are the most expensive.