Navigating the Spring Surge Considerations for Buying Recreational Properties in Canada
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Spring has arrived in Canada, prompting many to contemplate the possibility of purchasing a cottage or cabin. However, a recent report cautions prospective buyers to budget carefully before making such a decision. Released on Wednesday, the report suggests a potential resurgence in the recreational real estate market, with the national median house price forecasted to rise by approximately five percent.
Despite a drop in inflation to 2.8 percent in February, surprising economists, the housing market and recreational homes could still witness a boost. In 2020, a report revealed that prices of recreational homes surged by about 11.5 percent in the first nine months of the year, reaching around $453,046, largely due to dwindling supply amidst increasing demand. A recent survey found that 41 percent of recreational real estate professionals reported less inventory compared to the same period in 2023. However, 64 percent noted similar or even increased demand.
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