Cottage prices climbing across Canada due to COVID-19
Prices for cottages are on the rise in Canada as an unexpected side-effect of the pandemic.
According to a report from Royal LePage, a significant increase in the number of Canadians working remotely has driven the average price of recreational properties across the country.
Based on the data, the average price of a single-family home in Canada’s recreational market rose 11.5 per cent to $453,046, while the aggregate price of a condominium rose 9.7 per cent to $280,830.
Waterfront properties saw the biggest increase, as the average price jumped 13.5 per cent to $498,111.
“The pandemic has effected enormous economic and health challenges upon the nation; it has also opened a world of possibility for thousands of Canadians,” Phil Soper, president and CEO of Royal LePage, said in a news release.
“On lake and on sea, upon soaring mountain tops and on expansive farmlands, many Canadians are embracing a bold, new work-from-home doctrine: ‘I can live anywhere in this huge land," he continued.
Additionally, according to Royal LePage experts, two reasons for the increase in demand were Canadians choosing to relocate due to their newfound ability to work remotely, and retirees looking to move to cottage country to improve their quality of life.
“In addition to the new wave of pandemic-era buyers, simple demographics have been buoying the exurban market as more and more of the giant Baby Boom generation retire,” Soper said.
“Interest in all types of recreational property is soaring, and I have never seen the number of cottages, cabins, chalets and farmhouses for sale at such a low level relative to demand," he added.
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