A new report from Royal LePage predicts the number of sales and prices for recreational properties, such as cottages, will fall in 2023 amid waning activity.
"Although there is Internet, people I don't think realized that there was going to be travel. When you needed to go get milk or groceries, it was sometimes a 30-minute drive in some cases."
The report says in 2022, the price of a recreational property in Ontario rose by 7.3 per cent to $634,800. Royal LePage says the average cost of a waterfront property in the Ottawa Valley increased 12.5 per cent in 2022, while the cost of a waterfront property in Rideau Lakes jumped 23.3 per cent. It is predicted that in 2023, recreational property prices will fall five per cent across Ontario to an average of $603,060."So the commuting, even if it is only two to three days a week when the weather is not so great is not working out for so well for some people so they're giving up on that."
There is also an expectation that some who made the decision to move away from the city will reconsider that choice. "Within the next year or 18 months I think you are going to start see some people starting to sell their cottages and head back towards the city a little bit closer.""I personally have three clients that I'm working with trying to find waterfront properties and we have been looking, for some of them, up to two years."
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Value of Alberta recreational properties to grow, bucking national trend: Royal LePageRecreational property values in Pigeon Lake, Wabamun, Lac Ste. Anne, and Canmore are set to rise while others across the country will drop.
Read more »
Alberta recreational property values to rise as others across country fall: Royal LePageRecreational property values in Pigeon Lake, Wabamun, Lac Ste. Anne, and Canmore are set to rise while others across the country will drop.
Read more »
Posthaste: Cottage real estate rush slows to a 'standstill' as remote-living honeymoon endsRecreational real estate prices are expected to fall 4.5% in 2023 as market activity slows, says Royal LePage. Find out more
Read more »
Posthaste: Cottage real estate rush slows to a 'standstill' as remote-living honeymoon endsRecreational real estate prices are expected to fall 4.5% in 2023 as market activity slows, says Royal LePage. Find out more
Read more »
Posthaste: Cottage real estate rush slows to a 'standstill' as remote-living honeymoon endsRecreational real estate prices are expected to fall 4.5% in 2023 as market activity slows, says Royal LePage. Find out more
Read more »
Thinking of buying a waterfront cottage? 2023 might be your year, report saysA new report from Royal LePage says 2023 might be the year to buy a recreational property.
Read more »