Canadian recreational house prices soar 11.5% as remote work drives demand in cottage country

Article Source: News Wire
News Provided By: Royal LePage Real Estate Services

According to Royal LePage, year-over-year price appreciation in Canada’s recreational property markets soared during the first nine months of 2020, driven by Canadians’ ability to work remotely. The aggregate price of a single-family home in Canada’s recreational market rose 11.5 per cent to $453,046 and the aggregate price of a condominium rose 9.7 per cent to $280,830. The aggregate price of a waterfront property increased 13.5 per cent to $498,111.

“The pandemic has effected enormous economic and health challenges upon the nation; it has also opened a world of possibility for thousands of Canadians,” said Phil Soper, president and CEO, Royal LePage. “On lake and on sea, upon soaring mountain tops and on expansive farmlands, many Canadians are embracing a bold, new work-from-home doctrine: ‘I can live anywhere in this huge land.’

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