As you probably already know, one industry that’s been drastically impacted by the ongoing pandemic is the real estate market. We’ve seen all kinds of unpredictable trends in 2020 thanks to COVID-19, but one of the more interesting ones is the increase in cottage and cabin demand across the country.
It seems the big city just doesn’t hit quite the same for most folks! According to the Royal LePage, a year-over-year price increase in Canada’s recreational property market has soared. We’re looking at an 11.5% rise in the price of single-family homes. Plus, a 9.7% rise in the price of condos and a 13.5% rise in the price of waterfront homes. Whew!
According to Royal LePage, Canadian recreational house prices soared 11.5% as remote work drove demand in cottage country. Many regions are reporting lower inventory as demand outpaces supply. In 2021, recreational property is forecast to increase 8% YOY.https://t.co/Up2BjL5eYl pic.twitter.com/ut6vg0wS2V
— Royal LePage Canada (@Royal_LePage) November 30, 2020
You guessed it, the pandemic is to blame. With more and more folks working from home, people don’t need to be in the city centre to do their job. In fact, some even prefer the relaxation and solitude that only a cottage or small town can provide. Some people are even predicting that if work-from-home continues, these small-town prices will only continue to rise.
So there you have it! If you’re hoping to get in on the cottage buying craze, you’ll have to be prepared to pony up a little extra cash.
You can learn more about Canada’s recreational property market here.