1 August 2018

For instance, British Columbia reported a 19% gain, with the average cost almost doubling in Tofino. The growth could be caused by restrained supply. At the same time, Sun Peaks, one of the largest ski areas in the country, showed an increase by 34%, supported by available services which attract both retirees and younger families.

Nevertheless, the average cost was not up in all regions, as the Prairies saw a 4% annual decline. The drop was mostly caused by the new mortgage rules and slower economy.

In case of Ontario, prices were up by 15%, with the average cost for Haliburton’s waterfront properties almost doubling. Atlantic Canada reported a small increase by 0.13% following a weak economic growth. “Consumers who are still trying to rebound from the last year’s market downturn in Newfoundland and Labrador today postpone their purchases of recreational properties,” – added Alexander.

We can confirm those findings from our experience. We are arranging more and more mortgages for recreational properties for our clients. We can finance any cottage at great rates – from all season home to something not winterized!