Summer is in full swing and for many Canadians, that means a trip to the cottage.
But a rise in both interest and activity in Canada’s recreational markets, along with a shortage of properties on the market, means average prices could increase by as much as 20 per cent throughout the rest of 2022. This is according to the majority of Re/Max Canada brokers and agents.Markets such as the one in Tofino, B.C. saw average recreational home prices grow from about $1.14 million in the first quarter of 2021 to $1.72 million in the first quarter of 2022.
Other markets, such as the one in St. John’s, N.L. are expected to see more modest growth throughout the year, with the average recreational home price anticipated to rise from about $273,000 in Q1 of this year to $300,000 by the end of 2022. Despite the forecasted rise in prices, a number of recreational properties ranging in value and size currently sit on markets across Canada. CTVNews.ca has compiled a list of recreational homes for sale in various provinces.