Summer is approaching, making Canadians eager to buy recreational properties. The Canadian real estate market experienced record activity during the pandemic, but now normalizes and consumer confidence is improving. Nearly 11% of Canadians own a cottage, and many aim to do so in the coming years. The primary reason for purchasing a recreational property is the quality of life it offers.
The Canadian real estate market is showing signs of renewed life, with home sales increasing 5.1% month-over-month in May and a 6.8% increase in newly listed properties. Property prices have stabilized compared to the pandemic, but supply can still be challenging due to the high number of buyers during peak season. However, economic uncertainty and rising rates have prompted nearly 69% of Canadians to be hesitant to invest in recreational properties.
Winter is approaching, and people are looking for the perfect recreational property to spend quality time with loved ones. There are numerous options, including beachfront properties with easy access to beaches, lakefront properties for water sports, mountainous cabins and chalets for hiking, biking, and wildlife exploration, and golf course properties for avid golfers. With high demand and competitive prices, it's crucial to consider interests and activities when selecting the best property for your recreational pursuits.
Before making a major recreational property purchase, it is crucial to have the financial means and stability to make the decision. Factors like interest rates, financing options, and additional expenses should be considered. Evaluate the amenities in recreational communities, as some properties are open year-round, while others have better transportation and services. For personal use, consider the type of property and location that offers the most value. Location is often the most important factor, with proximity to desired activities like boating, swimming, or golfing being crucial. Infrastructure and neighborhood amenities also play a significant role, and safety and security are essential criteria for buyers.
The ideal recreational property depends on its location, activities, and prices. Study market trends, visit neighborhoods, and find a trusted real estate agent to achieve your goals. With cottage season in full swing, there may be more buyers than available supply. Contact me to start your search.