TORONTO — Real estate brokerage Royal LePage says home prices are increasing in Canada’s cottage country, as more buyers look to move there full-time.
Royal LePage says prices of single-family recreational homes rose 11.5 per cent to to $453,046 in the first nine months of the year.
Real estate agents in 54 per cent of regions told the brokerage that there was a significant increase in buyers looking to work remotely at a cottage as a primary residence.
Royal LePage chief executive Phil Soper says the number of cottages, cabins, chalets and farmhouses on the market have dwindled amid the increased demand.
An agent in Quebec says in the report that city dwellers fled to cottage properties during lockdown, while an agent in the Maritimes noted an increase in non-local buyers.
The report says retirees have also bid up cottage prices, with agents in 68 per cent of regions saying more retirees are buying cottages this year compared with last year.
This report by The Canadian Press was first published Nov. 30, 2020.