For the past year, soaring home prices and a desire for more space have sent homebuyers flocking beyond the suburbs and into beautiful cottage country.
It’s a trend that is playing out right across the county, and one that’s expected to continue throughout 2021. High demand is expected to push average recreational property prices higher by 15% to $502,730, according to an updated forecast from Royal LePage.
Recreational properties in Ontario and Atlantic Canada are expected to see average prices rise 17%, while Quebec and B.C. should see prices increase by 15% and 13%, respectively. That would be on top of the 16% national price gain seen for this segment between 2019 and 2020.
“From coast to coast, the line between primary residence and recreational property is blurring,” Phil Soper, president and CEO of Royal LePage said in a release. “The trend began last summer when the option of travelling abroad was taken away, and continued to gain popularity as it became...