Canada's recreational home sales 'robust' heading into summer season
Saturday Jun 09th, 2018Share
If you're on the hunt for the perfect summer hideaway, be prepared to spend more on your cottage, camp or cabin this season. The average price of a recreational home in Canada is expected to rise 5.8 per cent to $467,764 by the end of September, according to a new survey by Royal LePage. That's up from $442,239 in the same period last year. Retiring baby boomers and gen-Xers are driving recreational home sales as they look toward retirement or for a secondary home to raise children, said the survey, which polled 200 of the real estate firm's property advisers across Canada between mid-May and the start of June. "Driven by the strength of the nation's economy, Canada's recreational real estate market is set to experience another strong year," Royal LePage CEO Phil Soper said in the report. Forget buying a house in Toronto: Cottages are the new ownership dream for young people, says report 'Peak millennial,' condo nation, and other Toronto real estate trends to watch in 2018 "While home values and sales activity in Canada's largest urban markets have softened, demand for recreational properties remains robust in most regions." The survey comes just days after data from real estate boards in Toronto and Vancouver showed that home sales in those cities fell last month. The Greater Toronto Area saw a drop of more than 22 per cent compared to a year ago, while Metro Vancouver experienced a decline of more than 35 per cent in the same time period. But about 42 per cent of the advisers surveyed by Royal LePage said they thought recreational housing sales would increase in their region by the end of cottage season this year, compared to the same period last year.
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