A new report by Royal LePage noted that recreational property prices are seeing generous annual gains in several key markets, attributing the increase to an influx of retirees, investors, and buyers desiring getaways for the season.
The clear stand-outs were Quebec, which experienced robust economic performance and renewed consumer confidence, as well as Ontario, which benefited from Toronto and Golden Horseshoe residents congregating towards the province’s cottages.
Multiple areas of Quebec also enjoy geographical advantages that even the best of other provinces will be hard-pressed to offer.
“Proximity to the slopes is a key requirement for many buyers. Mountain-side properties are appreciating at a healthy pace, especially in Mont-Tremblant where the resort is undergoing significant improvements,” according to Paul Dalbec, a broker with Royal LePage division Mont-Tremblant Real Estate.
“Mont-Tremblant’s popularity keeps growing as a renowned ski resort, including among international buyers whose numbers are increasing over the years,” Dalbec added, noting that a significant number of those interested are members of Generation X.
The median price of condos at the foot of Mont-Tremblant increased by 30% year-over-year in October, reaching $325,000. Condos in Mont-Tremblant’s Village had an 8.1% gain during the same time frame (up to $186,500), while detached home prices only had a 1.9% increase in that period (up to $425,000).
Read more: Canada’s elderly prefer to stay put in their cottagess
In Ontario, Collingwood saw its median detached home prices grow by 6.3% annually (up to $549,900), and condos by 5.4% (to reach $407,700).
“Torontonians, and those living west of the city in Cambridge, Guelph and Kitchener-Waterloo, make up the largest buyer segment in Collingwood, and the region is seeing increased sales activity from these purchasers,” Royal LePage Locations North broker and manager Rick Crouch stated. “Recreational property buyers are choosing Collingwood for its year-round amenities, such as access to private ski resorts in Blue Mountain, bicycling clubs and hiking trails.”
Royal LePage president and CEO Phil Soper credited the sheer variety and quality of Canada’s recreational sector for its sustained strength.
“Canada boasts the world’s most spectacular winter experiences. Across our vast land are recreational regions that offer adventure, opportunities for creating priceless family memories and a simple refuge from the hustle and bustle of city life,” Soper explained.
“The number of buyers shopping for a four-season recreational property, be they traveling a modest drive from the local metropolis or a jet-setting trip across the pond, is again on the rise, and recreational property values are rising as a result. This is particularly true in the mountainside condominium market as more and more investors seek the convenience of lock-and-leave living.”
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