The Good Life
Have you been holding off on a cottage because of the frenzied buying we’ve seen in the last few years? Well according to Re/Max’s latest report on recreational property that phase is now over. Here’s Re/Max’s Michael Polzler:
“If you’ve been holding out for that, the biggest thing you’re going to find is: Selection. What’s been incredibly frustrating for people is that they’ve wanted to buy something but they’ve ended up in crazy bidding wars – that is not happening right now. People can make informed, intelligent decisions, do some comparison shopping, and make the right choice.”
“If you’re looking for something on the water, and it has a basement for example, and more than one bathroom, that’s going to be as expensive to build, often more, than you would find even in the city. That’s a house; its not a cottage anymore.”
As for the toniest areas, like the big Muskoka lakes, you can forget about getting in for less than half a million dollars. And while there is now lots of supply to choose from, Re/Max doesn’t expect prices to actually drop anytime soon.