Recreational property markets across the country have seen a significant spike in activity since the onset of the COVID-19 pandemic. As widespread travel restrictions forced Canadians to reevaluate their vacation plans, many found themselves in the market for a recreational property. This contributed to a 16 per cent year-over-year increase in the price of a house in Canada’s recreational property regions last year, and demand continues to outpace supply. Royal LePage forecasts that this year’s recreational property price appreciation will keep pace with last year, increasing 15 per cent year-over-year in Canada. Searching for the perfect cottage often requires a different set of criteria than that of a primary residence.
According to a recent RoyalLePage survey, here are the top ten factors that recreational property buyers often forget about or take for granted:
|1||Quality of cell phone reception and internet in and around the property.||33.1%|
|2||Understanding that owning a cottage on the water does not always mean owning the waterfront.||15.7%|
|3||Knowing which water source is used in the area (i.e. lake water, well water).||12.9%|
|4||Knowing the rules about short-term and/or long-term rentals (i.e. renting out your property on airBnB).||8.5%|
|5||Seasonality of the property and maintenance involved. (If a property is winterized, it needs to be heated even when empty. If it is not usable in winter, it needs to be properly closed for the season.)||8.1%|
|6||Understanding the difference between a holding tank and a septic system.||7.3%|
|7||Understanding the municipality’s regulations on additions and renovations.||5.6%|
|8||Garbage and recycling removal procedures (for example, if garbage has to be taken home or to a dump, or if tags need to be purchased).||4.8%|
|9||Local regulations surrounding motorized vehicles in the water.||2.4%|
|10||Snow removal from country roads leading to the property in winter.||1.6%|
Click here to read the full article at RoyalLePage.ca.