13 Jun 2011

Report: Recreational property purchases increase in Canada

More people may be purchasing a storage unit this summer, as a recent report indicates many Canadians will be buying a recreational property.

According to the real estate firm RE/MAX and its recreational property report, demand for waterfront properties and cottages is up significantly from coast to coast, with more vacationers seeking to buy a property in nearly 80 percent of the 46 markets surveyed.

"With overall economic performance improving daily and consumer confidence rising, the resurgence of Canadian recreational property markets is a natural progression," said Sylvain Dansereau, executive vice president of RE/MAX Quebec. "An upswing in discretionary spending is once again drawing purchasers to what is, without question, an innate Canadian pastime."

In virtually every region of Ontario, average prices for residential properties have increased since 2008. However, the report found that in at least 50 percent of markets, properties can be purchased for less than $350,000.

An increasingly expensive recreational property market may not last long, however, as a recent report from BMO Capital Markets found home prices in some Toronto suburbs may soon soften.

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