Last Updated on October 24, 2023 by Ephraim Vecina
A throng of retirees, investors, and buyers from Canada’s major metropolitan areas should be credited for robust recreational property performance, according to a new report by Royal LePage.
“Across our vast land are recreational regions that offer adventure, opportunities for creating priceless family memories and a simple refuge from the hustle and bustle of city life,” Royal LePage president and CEO Phil Soper said.
The phenomenon was especially visible in Ontario, which saw Toronto and Golden Horseshoe residents gather in droves at the province’s cottage markets in search of the perfect seasonal getaway.
Collingwood’s median detached home prices increased by 6.3% year-over-year (to reach $549,900), and condos by 5.4% (up to $407,700).
“Torontonians, and those living west of the city in Cambridge, Guelph and Kitchener-Waterloo, make up the largest buyer segment in Collingwood, and the region is seeing increased sales activity from these purchasers,” Royal LePage Locations North broker and manager Rick Crouch stated. “Recreational property buyers are choosing Collingwood for its year-round amenities, such as access to private ski resorts in Blue Mountain, bicycling clubs and hiking trails.”
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Another leading recreational province was Quebec, which magnetized buyers and investors through its strong economic performance, consumer confidence, and geographic features.
“Proximity to the slopes is a key requirement for many buyers. Mountain-side properties are appreciating at a healthy pace, especially in Mont-Tremblant where the resort is undergoing significant improvements,” according to Paul Dalbec, who works as a broker with Royal LePage Mont-Tremblant Real Estate.
Condos at the foot of Mont-Tremblant saw their average prices grow by 30% year-over-year in October (reaching $325,000), while those in Mont-Tremblant’s Village had an 8.1% increase (up to $186,500). Meanwhile, detached home prices had a comparatively timid 1.9% gain during the same time frame (up to $425,000).
“Mont-Tremblant’s popularity keeps growing as a renowned ski resort, including among international buyers whose numbers are increasing over the years,” Dalbec said.
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Ephraim is currently a journalist at Mortgage Broker News, Real Estate Professional and Canadian Real Estate Wealth.
Ephraim is a highly accomplished news reporter whose work has been published across North America and the Asia Pacific region. Before joining Key Media, Ephraim spent eight years working as a journalist with Reuters TV. His areas of expertise include real estate, mortgage, and finance.
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