Business
Canadian recreational house prices soar 11.5% as remote work drives demand in cottage country
Canadian recreational house prices soar 11.5% as remote work drives demand in cottage cou...
About this update from Bridgemarq Real Estate Services, Inc.
[{"type":"text","content":"\n \n \n \n Canadian recreational house prices soar 11.5% as remote work drives demand in cottage country\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n TORONTO, Nov. 30, 2020\n \n \n \n \n \n \n Canada's\n \n recreational property market forecast to increase 8% in 2021\n \n \n 86% of recreational property regions are reporting lower inventory as demand outpaces supply\n \n \n 54% of recreational property regions are reporting a significant increase in buyers who are purchasing a new primary residence where they will work remotely\n \n \n \n \n TORONTO\n \n ,\n \n Nov. 30, 2020\n \n /CNW/ - According to\n \n Royal LePage\n \n , year-over-year price appreciation in\n \n Canada's\n \n recreational property markets soared during the first nine months of 2020, driven by Canadians' ability to work remotely. The aggregate price of a single-family home in\n \n Canada's\n \n recreational market rose 11.5 per cent to\n \n $453,046\n \n and the aggregate price of a condominium rose 9.7 per cent to\n \n $280,830\n \n . The aggregate price of a waterfront property increased 13.5 per cent to\n \n $498,111\n \n .\n \n \n \"The pandemic has effected enormous economic and health challenges upon the nation; it has also opened a world of possibility for thousands of Canadians,\" said\n \n Phil Soper\n \n , president and CEO,\n \n Royal LePage\n \n . \"On lake and on sea, upon soaring mountain tops and on expansive farmlands, many Canadians are embracing a bold, new work-from-home doctrine: 'I can live anywhere in this huge land.'\n \n \n \"In addition to the new wave of pandemic-era buyers, simple demographics have been buoying the exurban market as more and more of the giant\n \n Baby Boom\n \n generation retire,\" Soper continued. \"Interest in all types of recreational property is soaring, and I have never seen the number of cottages, cabins, chalets and farmhouses for sale at such a low level relative to demand.\"\n \n \n Eighty-four per cent of\n \n Royal LePage\n \n recreational property experts, representing 53 of\n \n Canada's\n \n most popular...