Retirees contribute to increased prices on cottages
Buyer’s market around Blind River
Prices and sales activity for recreational properties in Sudbury have increased slightly this year according to a report from Royal LePage.
Alex R. Dumas, broker, Royal LePage North Heritage Realty is quoted in the report as saying,“ While low interest rates have certainly helped, it has been the expansion of Highway 69 that has really attracted buyers to the area.”
According to the 2017 Royal LePage Canadian Recreational Housing Report, recreational market trends across Ontario heated up earlier this year, as characteristics stemming from the Greater Toronto Area (GTA) increasingly influenced pricing and sales activity well beyond its borders.
Ontario saw its aggregate recreational property price climb year-over-year to $413,000 in May 2017, with property values and sales activity in the majority of markets rising over the same period of time.
Overall, in Ontario, demand remained highest for recreational properties within a two- to three hour drive of the GTA.
However, the recreational property market in Blind River is currently in the midst of a buyer’s market, with both cottages and undeveloped shoreline available,” said Catherine Green, sales representative, Royal LePage Northern Advantage.
“Lakes in the region have a high proportion of American owners, as the strong U.S. dollar continues to attract buyers from Canada as well as the Indiana – Ohio – Michigan corridor and from as far away as Florida and California. With prices continuing to grow elsewhere within the province, we have also seen increased interest from the areas south and east of Sudbury, as well as west of Sault Ste Marie.”
“Market conditions on St. Joseph Island and Lake Huron have not changed since last year,” said Carl Thomas, broker of record, Royal LePage Northern Advantage. “Neither prices nor sales activity have increased, as unemployment, particularly as it relates to the steel industry in Sault. Ste. Marie, is high, affecting not only steel workers, but also businesses that rely on the industry’s health to prosper.”
The average price for a lakefront property in the Parry Sound area is $500,000; $275,000 in Sudbury; $160,000 for St. Joseph’s Island and North Shore, compared with $1.5 million for Muskoka.