Cottage sales rebounding, ReMax says
4-year slump in vacation property sales ending, real estate company says
Canada's largest seller of real estate says it's seeing a rebound in the sale of cottages across the country, after four years in the relative doldrums.
In a report Tuesday, ReMax said that "stability" was returning to much of Canada's recreational property market, reversing a turnaround that started to manifest itself in 2009.
"Starting prices are down or unchanged in 77 per cent of markets examined in 2013, prompting renewed interest [from buyers]," the real estate seller said.
"As a result, recreational sales are projected to match and/or exceed 2012 levels by year-end in almost 70 per cent of centres."
ReMax says there are a number of factors at play, but an increase in foreign and out-of-province buyers is playing a role.
That upward momentum is especially visible in Western Canada, ReMax says, where seven of the 10 markets the company tracks are ahead of last year's sales levels.
The report singled out a number of markets where foreign buyers are having an impact on sales.
"There has been a noticeable uptick in sales of cottages, ski/resort properties, and second homes in centres such as Salt Spring Island (U.S. and Ontario), Whistler (Hong Kong and Singapore), Bracebridge/Gravenhurst (Europe and Asia), and Nova Scotia's South Shore/Lunenburg (U.K.)," the report says.
Properties in the $250,000 to $500,000 range have seen the biggest uptick in sales, ReMax says. "[But] there has been a growing number of luxury properties reported sold this year in Ontario markets such as Prince Edward County, Collingwood, Honey Harbour, Grand Bend, Haliburton, and Innisfil to Oro," the report reads.