Cottage countries exhibit steady growth in terms of price and sales volume
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The Ontario recreational real estate market has flourished recently amid steady price growth (up to the double digits in some areas) in multiple markets, according to a new study conducted by brokerage Re/Max.
Most notable was the year-over-year sales increase in Grand Bend, from 128 properties two years ago to 239 properties last year. Re/Max said that this accompanied a 17.41 per cent annual increase in the median price (from $247,000 in 2015 to $290,000 last year).
Industry players noted that the trend in the recreational market is demonstrating more and more parallels to the performance of Ontario’s overheated residential segment.
"Just like a lot of markets in Ontario, supply is a little lower than it would usually be about now," Grand Bend agent Mike Sloan told CBC News.
Prince Edward County remained the most expensive cottage market in Ontario, with the median price last year growing by 38.55 per cent annually, up to $575,000. Sales volume increased by 10.32 per cent in the same interval.
Haliburton, which is seeing a new wave of equity-rich Baby Boomers heating up the market, has experienced a 42-per-cent rise in waterfront property sales, from 244 transactions in 2015 to 347 properties last year. Prices were up by 16.18 per cent in the same period, up to $240,067.
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Most notable was the year-over-year sales increase in Grand Bend, from 128 properties two years ago to 239 properties last year. Re/Max said that this accompanied a 17.41 per cent annual increase in the median price (from $247,000 in 2015 to $290,000 last year).
Industry players noted that the trend in the recreational market is demonstrating more and more parallels to the performance of Ontario’s overheated residential segment.
"Just like a lot of markets in Ontario, supply is a little lower than it would usually be about now," Grand Bend agent Mike Sloan told CBC News.
Prince Edward County remained the most expensive cottage market in Ontario, with the median price last year growing by 38.55 per cent annually, up to $575,000. Sales volume increased by 10.32 per cent in the same interval.
Haliburton, which is seeing a new wave of equity-rich Baby Boomers heating up the market, has experienced a 42-per-cent rise in waterfront property sales, from 244 transactions in 2015 to 347 properties last year. Prices were up by 16.18 per cent in the same period, up to $240,067.
Related Stories:
Recreation property markets influenced by residential
Toronto heating up nearby cottage markets – local agents
