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An interesting article on cottages…
The following contains insights and excerpts from a report originally written by Courtney Zwicker and published by Real Estate Magazine (REM). You can read the full, original article here.
One of the most interesting takeaways from the latest Real Estate Magazine report is a major shift in where Canadians are putting their money. It seems the ‘Buy Canadian’ mindset is keeping the cottage market afloat, even as other parts of the economy slow down.
“Canadians are continuing to swap traditional cross-border getaways for at-home alternatives, trading Florida oceanfronts for Ontario lakes, or Arizona deserts for British Columbia forests… Research indicated that 54% of Canadians who own property in the U.S. plan to sell, with many intending to reinvest those proceeds back into Canadian real estate.” https://www.mpamag.com/ca/mortgage-industry/market-updates/cottage-demand-holds-firm-as-canadians-turn-inward-and-borders-lose-appeal/569965#:~:text=%E2%80%9CCanadians%20are%20continuing%20to%20swap,Columbia%20forests%2C%E2%80%9D%20Soper%20said.
This explains the ‘complicated’ nature of the market. While local buyers might be feeling the pinch of inflation, there is a whole wave of capital coming back from the U.S. into our own backyard. If you are selling a cottage, your ‘ideal buyer’ might not be the family down the street—it might be someone who just sold their condo in Scottsdale and is looking for a piece of Canadian shoreline instead.
Are you thinking of trading a southern vacation for a local cottage this year?
Read the full breakdown: Canada’s cottage market is thriving, softening and complicated
