There was a time when it seemed like everyone was fleeing Toronto and moving to cottage country. That’s no longer the case these days and cottages in Ontario are expected to drop in price as a result.
A recent report by Royal LePage says that the “recreational real estate rush” of the past couple of years has come to an end in Canada.
All provinces except for Alberta are expected to see recreational home prices decline in 2023.
The biggest declines will be in Quebec and Ontario, says Royal LePage.
The provinces will experience forecasted declines of 8% and 5%, respectively, compared to 2022.
“For many, living in cottage country full-time has lost its romantic shine, meaning we are back to viewing the cottage, cabin and chalet as a weekend and summer escape from urban living,” said Phil Soper, president and CEO of Royal LePage.
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“After two years of relentless year-round competition, Canada’s recreational property markets have slowed and returned to traditional seasonal sales patterns.”
“Buyers who are active in today’s market appear willing to wait for the right property – a sharp contrast to what we experienced during the pandemic.”
According to the report, the aggregate price of single-family cottages in Ontario is set to drop to $603,060 this year.
It’s worth noting that these prices are well above 2020 levels thanks to “two years of double-digit price gains” in Canada’s cottage country areas.
After two years of “historically high” sales in the Muskoka Lakes region, the real estate market “came to a comparative standstill in the last half of 2022,” said a broker in the region, John O’Rourke, in the report.
Those looking to get a really good deal on a secondary home can head east to Quebec, where the aggregate price of a home in recreational property regions is set to drop to $343,528 in 2023.
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