While the broader real estate market may not be showing much pricing stress yet, one sub-market appears to be filling up with bargains. After interest rates collapsed to zero and the pandemic convinced many Canadians that a cabin at the lake was the ticket, the marginal cottage owner seems to be throwing in the towel as mortgage interest and other expenses have risen dramatically.
Cottage prices across Ontario have fallen
| Greater Sudbury, Manitoulin & French River | $698,457 | $553,665 | −21% |
|---|---|---|---|
| Haliburton | $869,756 | $643,549 | −26% |
| Kenora and Lake-of-the-Woods | $852,857 | $341,700 | −60% |
| Lake Simcoe | $1,700,000 | $1,800,000 | 6% |
| Muskoka | $978,950 | $841,887 | −14% |
| Peterborough and the Kawarthas | $1,243,442 | $855,858 | −31% |
| Rideau Lakes | $989,718 | $939,950 | −5% |
| Southern Georgian Bay | $1,069,105 | $870,899 | −19% |
| Windsor-Essex | $699,551 | $541,356 | −23% |
A million bucks for a cottage on the Rideau lakes?
What a steal.
The so called reductions are a joke.
Kenora, where cottages are astoundingly cheap!
And the fishing is easy.
Sounds like a great place to escape big city life.
Or maybe not….
https://globalnews.ca/news/9379776/kenora-rise-brazen-downtown-crime/
My cousin’s boathouse and 30’ sailboat burned after Al the native broke into a shed, loaded a flaregun and shot it at said boathouse. The cops found Al passed out on the golfcourse. He got 6 months, out in 2, coz he’s Al.
Kenora was nice.
Another f****** joke. Look at their idea of solutions.
40 years ago my wife’s aunt bailed out of Kenora. The streets were filled with First Drunks. Why do I suspect it hasn’t improved?
How many reserves surround Kenora? Never mind.
I just can’t imagine why the real estate market in cottage country is dropping, it couldn’t be that the cost of driving to cottage country has gone up with the cost of gas , could it? Naw, couldn’t be that after all what’s the cost of a tank of gas in exchange for two or three idyllic days in cottage country. Then factor in the realty taxes in cottage country that all them city slickers have been subsidizing for years are just on the verge of another increase to cover the cost of all the green initiatives brought about by Trudeau’s net zero. As they say elections have consequences, and we’re only just beginning to see the tip of the iceberg laying in wait on the horizon while the captain of the ship orders full steam ahead.
Sadly I won’t live long enough to scoop the property when no one can afford any of it and the bottom drops to nothing.
Those fcuks all voted Liberal, I hope they all go bankrupt.
I have a Freind in northern BC in an area where there are many cottages by a lake, he says there are for sale sale signs everywhere, now and you can get a small cottage on half an acre for $170k..
Too bad it’s in BC, but it’s rural, so the resident locals are mainly conservative.. He says it’s the citiot folks from Vancouver that spoil it..
But the electricity rate is decent on BC Hydro, and Telus has just ran Fibre to the community, so there’s that..