'It's going to get busier, it's going to get bigger, it's going to get more expensive.'
Others are fleeing Toronto and Vancouver’s elevated prices or hoping to pad their incomes with a rental property in the shadow of the Rockies.
While the aggregate price of single-family waterfront properties dropped five per cent to $641,900 since last year, a Royal LePage surveyof 202 brokers in March found 59 per cent of Alberta respondents reported less inventory this year. About 71 noted even less inventory than there was pre-pandemic.The report added the aggregate price of a single-family home in the national recreational property market increased 11.7 per cent year-over-year to $619,900 in 2022.
Two hours north of Toronto in Muskoka, where model Cindy Crawford and actors Goldie Hawn and Kurt Russell are rumoured to own cottages, prices are even steeper.Statistics broker Kelly Fallis crunched from her local real estate board’s data and the Information Technology Systems Ontario platform show the average price of a waterfront Muskoka property is now just shy of $1.5 million.
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Demand for homes in Canadian recreational markets outpacing supply, brokers sayCities close to mountains, beaches or lakes have long had hot real estate markets. But the ability to work remotely during the COVID-19 pandemic and a wave of people taking up outdoor hobbies have supercharged demand
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