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

Just Posted

A young Sicamous Canada Day parade-goer is awed by a colourful float filled with beloved Disney characters during the July 1, 2020 community event. (File photo)
Editorial: Now is the time for Sicamous to shine

Shuswap community might be just what people who work from home are looking for

Greyhound Canada announced May 13 it was closing operations permanently after more than a century of operation. (Black Press file photo)
COLUMN: Goodbye to a never forgotten friend

Greyhound bus trips played a big role in columnist’s life

The BC Conservation Officer Service (COS) handed out fines to two anglers on Shuswap Lake who were both casting more than one line, in violation of provincial regulations, Saturday, May 15, 2021. (COS photo)
Conservation officers snag Shuswap anglers for unlawful fishing

Two anglers were given $150 fines for casting two lines at once, against provincial regulations

The future of the Okanagan Lake watershed land use will be subject of a new study supported by a $300,000 grant from the Vancouver Foundation. (Contributed)
Grant to help develop Okanagan Lake protection strategy

Study receives $300,000 grant from the Vancouver Foundation.

As they carry out a FireSmart assessment in Salmon Arm, firefighters Carmen Guidos and Steve St. Denis show one of the easy-to-rectify fire hazards that can exist for unsuspecting residents. (Martha Wickett-Salmon Arm Observer)
Column: Lessons on welcoming a wildfire into your home

The View From Here by Martha Wickett

Daily confirmed COVID-19 cases reported to B.C. public health, seven-day rolling average in white, to May 12, 2021. (B.C. Centre for Disease Control)
B.C. preparing ‘Restart 2.0’ from COVID-19 as June approaches

Daily infections fall below 500 Friday, down to 387 in hospital

A man and woman, both 33 and from Kelowna, were arrested on Postill Lake Forest Service Road in possession of two stolen vehicles Friday, May 14, 2021. (File photo)
Kelowna duo arrested with stolen vehicles after ‘brief’ bicycle getaway attempt

A man and a woman were arrested on a forest service road on numerous pending charges

On Friday, May 14 at Meadow Gardens Golf Club in Pitt Meadows, Michael Caan joined a very elite club of golfers who have shot under 60 (Instagram)
Crowds at English Bay were blasted with a large beam of light from an RCMP Air-1 helicopter on Friday, May 14. THE CANADIAN PRESS/Marc Grandmaison
Police enlist RCMP helicopter to disperse thousands crowded on Vancouver beach

On Friday night, police were witness to ‘several thousand people staying well into the evening’

Lynda Saundry, born 1961, is charged with the murder of North Okanagan resident Barry Jones in July 2020. Saundry will appear in Vernon court May 17, 2021, to fix a date for a preliminary inquiry. (Facebook public photo)
North Okanagan murder suspect to be tried by judge and jury

Lynda Saundry is charged with the first-degree murder of Barry Jones in July 2020

Vernon Search and Rescue’s Legacy vessel is returning to Okanagan Lake for boating season, the society said Friday, May 14, 2021. (VSAR photo)
Vernon Search and Rescue vessel returns to Okanagan Lake

VSAR’s Legacy is back with a fresh coat of paint and some other upgrades

People shop in Chinatown in Vancouver on Friday, February 5, 2021. THE CANADIAN PRESS/Jonathan Hayward
Vancouver community leaders call for action following 717% rise in anti-Asian hate crimes

‘The alarming rise of anti-Asian hate in Canada and south of the border shows Asians have not been fully accepted in North America,’ says Carol Lee

Sinikka Gay Elliott was reported missing on Salt Spring Island on Wednesday, May 12. (Courtesty Salt Spring RCMP)
Body of UBC professor found on Salt Spring Island, no foul play suspected

Sinikka Elliott taught sociology at the university

The first Black judge named to the BC Supreme Court, Selwyn Romilly, was handcuffed at 9:15 a.m. May 14 while walking along the seawall. (YouTube/Screen grab)
Police apologize after wrongly arresting B.C.’s first Black Supreme Court Justice

At 81 years old, the retired judge was handcuffed in public while out for a walk Friday morning

Most Read