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2180 Steeles Avenue West,
Suite 204, Concord,
ON, L4K 2Z5

Phone:     905-761-7001
Toll Free: 1855-761-7001
Fax:          905-761-7005

Email: mortgageadvisor@rogers.com

7 June 2019

Prices for recreational homes are growing, although sales are going down

Poor supply is driving demand for recreational properties in Quebec and Ontario, and in case of Ontario, even the floods couldn’t restrain the trend.

“This spring, the market faced an extremely strong demand, as even with flooding, we’ve seen consumers purchasing properties which were under water at that moment”, - Phil Soper Royal LePage’s CEO noted. “Although it’s an anecdotal tale, the demand was still so high that people were paying a full market value, while they didn’t have an access to their properties. They were searching for potential profit”.

According to Royal LePage, a restrained supply led to a 7.2% prices increase in Ontario, while sales were down by 7.9%. Meanwhile, Quebec reported a 5.6% prices gain. And these two provinces took the hardest hit from the flooding. The report says strong competition between retirees and millennials with young families is the reason of such a growth, especially in Ontario.

Soper noted, the national prices were driven mostly by the two most populous Canadian provinces.

“The national price is pushed by Quebec and Ontario, where the urban markets are strong or quickly rebounding, and there are two groups of buyers focusing on the recreation market,” – he added.

“The difference now is that we can see a growing number of baby boomers leaving their principal residences and competing for recreational properties. As a result, both kids and parents are focusing on the same marketplaces. While they can be looking for different properties, with a weak supply, it still leads to higher prices”.

The Muskoka region shows the highest price demand for recreational properties.

“In terms of location, we are limited by the amount of waterfront properties which are available within a two-and-a-half- to three-hour drive from the main urban centres, especially in the GTA,” - said Soper. “The population is growing, so more and more people are searching for recreational properties.”



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