Recreational Property Report 2007

Posted in Real Insights | June 13, 2007

Did you know that the number of Canadians committed to owning their own getaway retreat has increased since last summer? According to the 2007 Royal LePage Recreational Property Report, demand for recreational properties continues to exceed supply, causing cottage prices to rise about 13%. Of those planning to buy, 49% would move into a smaller house in the city, rent their cottage out part-time, or even take a second job in order to afford their cottage. People choose cottage life to enjoy the outdoors (31%), escape from the hustle of city life (30%) and spend quality time with friends and family (29%). Recreational property trends affect NOTL because our market is a popular choice for those seeking second homes and recreational retreats.