“Fewer people are looking to acquire recreational property for its investment value this year, a direct result of rising cottage prices. The brave bargain hunters that purchased during the depths of the 2008-2009 recession have been rewarded by appreciating prices this year,” Phil Soper, president and chief executive, Royal LePage Real Estate Services, said in a news release.
A look at three-bedroom, land-access properties with 100 feet of waterfront as described in the 2010 Royal LePage Recreational Property Report shows prices have been stable, or on the rise, in the past year. Here are some highlights:
• East Kawarthas: Located 90 minutes from Toronto, the region has, in 2010, seen prices rise by eight per cent in most locales compared to last year, says Barbara Criegern, branch manager, Royal LePage Frank Real Estate. The price of a standard waterfront property ranges from $300,000 to $500,000, compared to $250,000 to $300,000 last year.
• Haliburton Highlands: In this area two-and-a-half hours northeast of Toronto, the price range for recreational properties has increased five to seven per cent from last year, cottages ranging from $200,000 to $300,000.
• Southwestern Ontario/Lake Huron: In Goderich, the price of waterfront properties ranges from $247,500 to $1 million and is relatively stable from last year. In Bayfield they range from $256,000 to $1,050,000, compared to $350,000 to $825,000 last year.
• Mont-Tremblant, Quebec: In this area north of Montreal, the average price goes from $350,000 to $650,000, says Paul Dalbec, chartered real estate agent, Royal LePage Mont-Tremblant, adding that prices have stabilized or shown slight increases over 2009.
• Cranbrook/East Kootenay in B.C.: Cranbrook’s recreational property market is continuing to show steady activity over previous years, says Philip Jones, broker, Royal LePage East Kootenay Realty. Waterfront properties in this region of southeastern B.C. can sell for $450,000 to $1 million. Prices have either appreciated or held steady, suggesting a safe investment, he says. Buyers can find non-waterfront properties starting at less than $160,000.
• Vernon, B.C.: Located on Okanagan Lake in the B.C. Interior, Vernon’s recreational property market has slowed over the past year. Prices have dropped by five per cent as buyers continue to be cautious with their disposable income, says Riley Twyford, broker, Royal LePage Downtown Realty. Lakeshore apartments in the popular Mara Lake area range from $237,000 to $807,000. Predator Ridge, which features golf course cottages, offers properties in the $308,000 to $380,000 range.
To view the 2010 Royal LePage Recreational Property Report: visit royallepage.ca.
