“The Canadian recreational property market has been notoriously short of supply for several years,” says Phil Soper, president and CEO of Royal LePage Real Estate Services.
The trend that we are seeing in the principal residence housing market is reflected in the recreational property market. That means that prices are stable and sales are starting to slow down.
“But don’t expect to see bargain basement prices or fire sales,” says Michael Polzler, executive vice-president and regional director of Re/Max Ontario-Atlantic Canada. “The recreational market continues to experience solid demand—a trend that is expected to continue throughout 2008. The influx of new listings has yet to translate into downward pressure on recreational property prices. Prime waterfront properties, while more plentiful than in years past, will still command top dollar.”
Is it time for you to pick a property so you can enjoy some recreational fun?
Some areas of Ontario have recreational properties listed for less than $200,000, including Parry Sound, the East Kawarthas and Kingston. You might even be able to find some “hidden gems” for less than $100,000 in Kingston or the Haliburton Highlands.