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Interest rate hikes weighing on cottage market, where prices are expected to slide

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While many still dream of days spent at the dock, they're holding back on buying their slice of cottage country until they have better sense of whether the hikes will continue or until they see prices slide.

Royal LePage expects the aggregate price of a single-family home in Canada's recreational regions to see a “modest” decrease of 4.5 per cent this year to $592,005.

While buyers of luxury properties in Muskoka have been more immune to interest rate shifts, Clayton's business partner Heather Scott said people eyeing recreational homes priced between $800,000 and $1.6 million are “the most affected group of buyers by the rate changes.” Such dynamics have produced a slow start to the selling season and created a “quite dramatic” shift in the market, said Parks.

“There's an increase in the number of sales under $1.5 million, so this tells me people are steering downward from where they were a year ago and not as many people have been buying,” Parks said.

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Interest rate hikes weighing on cottage market, where prices are expected to slideTORONTO — When the warm weather hits, Arthur Parks usually sees up to 10 referrals from Toronto real estate agents with clients feeling the allure of lakeside living as the summer heats up. 'This year, I haven't received any,' said the real estate agent serving Peterborough and the Kawarthas, two of Ontario's most popular recreational markets. 'That's a dramatic difference. It tells me that people are not actually out there looking to buy cottages.' That dampened demand has come amid a successio
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