While the rest of the market sinks, million-dollar cottage sales are making a comeback
Inclement weather may have stalled cottage sales in general, but somehow, luxury properties in cottage country are still going strong. According to real estate agents who wheel and deal in Lake Muskoka getaways with big-dollar price tags, the luxury offerings in the recreational market—like this one—have picked up thanks to softening prices and lower interest rates. It’s great news, of course, for those high-end realtors, the Torontonians who want to blow their wad on a cottage this summer and American property holders seeking to cash in on the strong Canadian dollar. But Toronto condo dwellers looking to step out of their shoeboxes and into cottage country’s open spaces may have to wait a little longer than they’d expected for the right property to come on the market.
The Toronto Star has the story:
The luxury cottage market is recovering in Canada after a bruising recession, although prices are still down from the peak, says a report by ReMax Ontario Atlantic Canada released Monday…
While the lower end and mid market remains flat, ultra luxury buyers are out looking again, thanks to the bounce back in the economy. Sales over the $1 million mark are already up by 11 per cent this year according to ReMax.
Urban homeowners who’ve made their peace with smaller dwellings in the city may have to make their peace with smaller cottages, too. Of course, “my summer home only has two bathrooms” is pretty clearly a First World Problem, so maybe it’s best to look at this as a good thing: spending less money on cottages means more money on boats and Jet Skis, right?