Recreational property purchases on the rise in Canada
From coast to coast, more Canadians will be purchasing a recreational property this summer, according to a new report.
The real estate organization RE/MAX says there's been a significant surge in demand for waterfront properties and cottages in the 46 markets it surveyed.
Sylvain Dansereau, Executive Vice-President for RE/MAX Quebec, said residential property growth is an offshoot of Canada's strong economy.
"With overall economic performance improving daily and consumer confidence rising, the resurgence of the Canadian recreational property markets is a natural progression," said Dansereau. "An upswing in discretionary spending is once again drawing purchasers to what is, without question, an innate Canadian pastime."
With more money to spend, it may be in homeowners' best interests to purchase additional protection on their home insurance, such as earthquake coverage, as Quebec is prone to these natural disasters.
Speaking of Quebec, recreational property is highly sought after, the report states. As a result, prices could rise if demand remains elevated, but the report indicates at least 50 percent of homes can be purchased for less than $350,000.