June 30, 2022

Wire Service Canada

Complete Canadian News World

From the rural home to the home for the rich, the Canada cottage craze

From rural homes for the rich to home, Canada;  Cottage-mania

It is a symbol of real estate peace. Beyond traffic, surrounded by greenery, exposed bricks and simple but elegant style. First the cottage farmers’ house, the owners of the land around it. Over time, however, it has evolved from a rural building into a desirable residence for the wealthy. Especially in Canada, thanks to the epidemic, purchase demand has increased dramatically. With prices.

Locking up and working smart has pushed Canadians away from the big cities to the suburbs. Cottage best solution: quiet, spacious, small woods and private gardens available to tenants. Kevin Piles is a cottage owner and real estate agent based in Guarda Lakes, Ontario. His home is in a four-season cabin with 900 feet of shoreline over 30 acres overlooking Big Bald Lake, one of the most unique lakes in the area. Piles, since the beginning of this year, has noticed something he has not seen in the past: More than 100 people have come to the door of a real estate agent to inquire about buying a cottage. Dozens of offers are coming. “In one case a cottage had 36 concessions, in another it was 31,” he told Globe & Mail. “There is a hunger for cottages in rural markets that real estate agents have never experienced before.”

According to Re / Max, cottage sellers are facing higher demand and lower supply in 2021. Cottage sales have increased due to the demands of buyers who are attracted to relative safety during a health emergency.

However the price has also gone up as per the demand. Especially in Ontario. In Muscat, in the central region, sales increased by more than 240%, while average prices increased by 53%. In Kawarta municipality, sales increased by 273% and average prices by 50%. The most notable case was recorded in the city of Parry Sound, where sales rose by 367% and prices by 70%.

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Corey Brew, chairman of the St. John Real Estate Board in New Brunswick, said some owners have sold the family vacation home to buy a cottage. “We see areas becoming more desirable as new people move and renovate,” he explained. “Current buyers are breathing new life into old cottages that were so worn out.”

On average, to buy a cottage, you need 250 thousand dollars, about 210 thousand euros. In Ontario, currently, demand growth has brought sales figures to $ 650,000 per household. This is the price Canadians have to pay for peace of mind.