A real estate sold sign is shown outside a house in Vancouver, Tuesday, Jan. 3, 2017. nbsp;Real estate brokerage Royal LePage says home prices are increasing in Canada’s cottage country, as more buyers look to move there full-time. THE CANADIAN PRESS/Jonathan Hayward

A real estate sold sign is shown outside a house in Vancouver, Tuesday, Jan. 3, 2017. nbsp;Real estate brokerage Royal LePage says home prices are increasing in Canada’s cottage country, as more buyers look to move there full-time. THE CANADIAN PRESS/Jonathan Hayward

Home prices rise in cottage country amid demand from remote workers, retirees

The data from Royal LePage comes amid an overall uptick in home prices this year,

Home prices are increasing in Canada’s cottage country as more buyers look to move there full-time, according to a report released Monday by Royal LePage.

Prices of single-family recreational homes rose 11.5 per cent to an aggregate of $453,046 in the first nine months of the year, the real estate brokerage said.

The data from Royal LePage comes amid an overall uptick in home prices this year, after COVID-19 lockdowns stymied the spring buying season. A rush of demand and a limited supply as the economy reopened this summer and fall meant that home prices were up 15.2 per cent last month in Canada compared to a year ago, according to the Canadian Real Estate Association.

Royal LePage chief executive Phil Soper says the number of cottages, cabins, chalets and farmhouses on the market have also dwindled amid the increased demand, at least through September.

“Inventory levels are the lowest I’ve seen in 15 years,” said Heather FitzGerald, a Royal LePage agent in Moncton, NB, in the report. While local buyers have moved away from cities and closer to nature, FitzGerald also noted an increase in buyers from Ontario and Quebec. Corey Huskilson, another Royal LePage agent quoted in the report and based in Halifax, said buyers from outside of the Maritimes, “who expect to be working remotely for the foreseeable future, are flocking to the area.”

Real estate agents in 54 per cent of regions told the brokerage that there was a significant increase in buyers looking to work remotely at a cottage as a primary residence.

Eric Leger, a Laurentians-based agent, said in the report that Quebec’s lockdown periods “sparked an urgent desire for many city dwellers, in need of more living space, to relocate to the suburbs and cottage country.”

Agents in other provinces noted similar trends, with one agent noting that Alberta-based buyers are competing with people across the country for properties in Canmore.

“Highway developments have reduced the drive from Saskatoon to 1.5 hours, which makes working remotely more possible for those who still have to go into the office a few days a week,” said broker Lou Doderai in the report.

The report says retirees have also bid up cottage prices, with agents in 68 per cent of regions saying more retirees are buying cottages this year compared to last year.

“Retiring baby boomers have been putting upward pressure on prices and reducing inventory for the last few years. Retirees are now finding themselves competing against remote workers,” said Bob Clarke, an agent in Ontario’s Muskoka region, in the report.

“The most common question used to be ‘is the property West-facing?’ Now my clients’ biggest concern is internet quality.”

READ MORE: Calling all eccentric millionaires: ‘Schitt’s Creek’ motel up for sale for $2 million

Anita Balakrishnan, The Canadian Press


Like us on Facebook and follow us on Twitter.

Want to support local journalism during the pandemic? Make a donation here.

CoronavirusReal estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

sdf
Another Mission student arrested for assault, in 2nd case of in-school violence this week

RCMP notified of local Instagram page with videos (now deleted) showing student assaults, bullying

Two people on a paddleboard take advantage of a calm Cultus Lake on Friday, Jan. 15, 2021. (Jenna Hauck/ Chilliwack Progress)
WEATHER: Forecast calls for lots of sun in Fraser Valley this coming week

Most of next seven days will be sunny for eastern Fraser Valley, according to Environment Canada

gdffdg
Mission’s Fraser Valley Music Award winners credit hometown with fostering musical talent

Rebecca Sichon won the pop-category award; Roads Unknown took home the roots-category award

BCCDC photo.
16 school exposures in Abbotsford schools in 2 weeks

Fraser Health’s list grows by 11 for 2nd week of 2021

Ron Restrick lives with mild cognitive impairment, but has worked to stay active and engaged in his community.
Abbotsford residents invited to Alzheimer Society webinar

Session on Wednesday, Jan. 27 looks at dementia and long-term care

Keith the curious kitten is seen on Nov. 4, 2020 at the Chilliwack SPCA. Friday, Jan. 22, 2021 is Answer Your Cat’s Questions Day. (Jenna Hauck/ Chilliwack Progress file)
Unofficial holidays: Here’s what people are celebrating for the week of Jan. 17 to 23

Answer Your Cat’s Questions Day, Pie Day and International Sweatpants Day are all coming up this week

(Phil McLachlan - Capital News)
‘Targeted’ shooting in Coquitlam leaves woman in hospital

The woman suffered non-life threatening injuries in what police believe to be a targeted shooting Saturday morning

(Photo by Kevin Hill)
40 cases linked to Surrey Memorial Hospital COVID-19 outbreak

Fraser Health says two death are associated with the outbreak

JaHyung Lee, “Canada’s oldest senior” at 110 years old, received his first dose of the COVID-19 vaccine on Thursday, Jan. 14, 2021. He lives at Amenida Seniors Community in Newton. (Submitted photo: Amenida Seniors Community)
A unique-looking deer has been visiting a Nanoose Bay property with its mother. (Frieda Van der Ree photo)
A deer with 3 ears? Unique animal routinely visits B.C. property

Experts say interesting look may be result of an injury rather than an odd birth defect

Standardized foundation skills assessment tests in B.C. schools will be going ahead later than usual, from Feb. 16 to March 12 for students in Grades 4 and 7. (Black Press Media file photo)
B.C. teachers say COVID-affected school year perfect time to end standardized tests

Foundational skills testing of Grade 4 and 7 students planned for February ad March

Sooke’s Jim Bottomley is among a handful of futurists based in Canada. “I want to help people understand the future of humanity.” (Aaron Guillen - Sooke News Mirror)
No crystal ball: B.C. man reveals how he makes his living predicting the future

63-year-old has worked analytical magic for politicians, car brands, and cosmetic companies

Terry David Mulligan. (Submitted photo)
Podcast: Interview with longtime actor/broadcaster and B.C. resident Terry David Mulligan

Podcast: Talk includes TDM’s RCMP career, radio, TV, wine, Janis Joplin and much more

Seasonal influenza vaccine is administered starting each fall in B.C. and around the world. (Langley Advance Times)
After 30,000 tests, influenza virtually nowhere to be found in B.C.

COVID-19 precautions have eliminated seasonal infection

Most Read