Summer is in full swing and for many Canadians, that means a trip to the cottage. Since the start of the COVID-19 pandemic, demand for recreational homes has increased country-wide, according to an analysis of national cabin and cottage trends gathered by Re/Max Canada.
A recent survey conducted on behalf of Re/Max Canada revealed that three quarters of those living in recreational markets said they were happy with their quality of life, while nearly 40 per cent of Canadians living in these markets said they were interested in purchasing property because of its affordability.
But a rise in both interest and activity in Canada’s recreational markets, along with a shortage of properties on the market, means average prices could increase by as much as 20 per cent throughout the rest of 2022. This is according to the majority of Re/Max Canada brokers and agents.
Markets such as the one in Tofino, B.C. saw average recreational home prices grow from about $1.14 million in the first quarter of 2021 to $1.72 million in the first quarter of 2022. By the end of the year, the average price for a recreational home in the region is projected to be about $1.8 million. Both Canmore, Alta. and Muskoka, Ont. had average sale prices of about $878,000 and $969,000 within their respective recreational markets in the first quarter of 2022. By the end of the year, these prices are expected to rise to about $921,000 and $1.14 million, respectively.
Other markets, such as the one in St. John’s, N.L. are expected to see more modest growth throughout the year, with the average recreational home price anticipated to rise from about $273,000 in Q1 of this year to $300,000 by the end of 2022.
Despite the forecasted rise in prices, a number of recreational properties ranging in value and size currently sit on markets across Canada. CTVNews.ca has compiled a list of recreational homes for sale in various provinces.
(Clifford Bremner, Tansi Studio / Michelle Buller, Royal LePage Downtown Realty)
Year Built: 2003
Property Size: 51.47 sq. m
Lot Size: under 0.4 hectares
Found in the district of Lake Country, B.C., this two-bedroom, one-bathroom wood cabin is located on Dee Lake, offering the ideal waterfront getaway. The fully furnished recreational home features large windows throughout, as well as an open-concept kitchen connected to the living and dining rooms. Easy access to the lake means the cabin can be enjoyed year-round, whether swimming in the summer or ice fishing in the winter.
(Hannah Hauser, eXp Realty)
Year Built: 1981
Property Size: 124.49 sq. m
Lot Size: 0.38 hectares
This four-bedroom, two-bathroom recreational home is situated in central Alberta at Pelican Point, off the coast of Buffalo Lake. On the main level is a two-car garage as well as an office space that can be used as an extra guest room. On the upper floor are the bedrooms as well as a kitchen that flows into the living and dining rooms.
A recreational home located in Saskatchewan. (James Cudmore / Judy Forster, Forster Realty)
Year Built: 2007
Property Size: 142.14 sq. m
Lot Size: 0.3 hectares
Welcoming visitors to this property in the village of Buena Vista, Sask. is a well-landscaped lot made of lush green lawns. Inside, this custom-built waterfront home includes five bedrooms and four bathrooms. A wall of windows on the main floor, along with decks on the upper and lower levels of the home, offer stunning views of the nearby lake. The kitchen is complete with walnut cabinetry and new quartz countertops.
(Soare Productions / Spencer Jacques, Chisvin Group Real Estate at PSR Brokerage)
Year Built: 2019
Property Size: 227.98 sq. m
Lot Size: under 1.42 hectares
With five bedrooms and three bathrooms, this recreational home offers access to 87 metres of shoreline for incredible views facing the southwest. The secluded property, located in Muskoka Lakes, Ont., provides complete privacy. Showcasing model craftsmanship and modern décor, it features a main foyer with vaulted ceilings and an open-concept floorplan on the main level.
(Hannah MacCormick / Mike Blanchet, Re/Max Professionals)
Year Built: 1992
Property Size: 111.48 sq. m
Lot Size: 0.49 hectares
The light colours used in this move-in ready cottage found in Kars, N.B. are what give it a cozy yet bright atmosphere. Three bedrooms and two bathrooms are housed across two floors. The property also includes a fully accessorized kitchen and a winding wooden staircase. Views of the nearby cove are visible from the deck located on the main level, as well as a porch on the upper floor.
(Concept Measures / Jennifer Gillis, Domus Realty)
Year Built: 1986
Property Size: 68.84 sq. m
Lot Size: 13.35 hectares
On the shores of Black Rattle Lake sits this recreational home built with local pine and hemlock. It includes an open-concept living and dining area, as well as a large, cathedral-style front window. The 13.35-hectare lot also comes with a secluded swimming cove and plenty of woodland to explore. Located in Labelle, N.S., the three-bedroom, one-bathroom home has a basement with access to the outdoors as well.
PRINCE EDWARD ISLAND
(Erin Gibbons, Century 21 Colonial Realty)
Year Built: 1965
Property Size: 78 sq. m
Lot Size: under 0.2 hectares
Completely renovated, this cottage is just a short walk away from Canoe Cove Beach and Rice Point Wharf in Prince Edward Island. The open floorplan of this one-storey home allows for easy movement between the living, dining and office spaces. Completing the waterfront recreational home is a four-piece bathroom and bedroom with a walk-in closet. The property also comes with a propane fireplace and vinyl plank flooring throughout.
NEWFOUNDLAND AND LABRADOR
(Mark Fagan, Century 21 Seller’s Choice)
Year Built: 1987
Property Size: 157.94 sq. m
Lot Size: 0.40 hectares
This one-storey cottage situated in Salmonier Line, N.L. comes with two bedrooms and one bathroom. Large windows in the kitchen and living room area allow plenty of natural light to seep in while offering beautiful views of Hawcos Pond, which the home itself has direct access to. The main floor also features a sunroom, while the basement can be used for storage.
Simplicity launches real estate conveyancing solution in Ontario – ITBusiness.ca
Prolegis is a cloud-based real estate conveyancing solution made for real estate lawyers. It integrates with a real estate practice, providing tools and information to help each user enhance their performance, customer engagement, and work-life balance.
Prolegis is designed to help users save time, with all the capabilities and key third-party integrations needed to convey a real estate transaction. The solution provides user flexibility to configure and organize work, communicate with clients, and manage the real estate transaction end-to-end from a single solution at any time. It offers a library of document and workflow management tools, community databases, stakeholder portals, and real-time support.
‘Simplicity is incredibly pleased and excited to offer Ontario real estate lawyers and conveyancers a fresh new choice in a legal software provider. Collaborating with our valued customers and a network of trusted stakeholders, we are building a better, brighter future for real estate legal professionals and Canadian homebuyers,” said Neil N. Babiy, co-founder and chief executive officer of Simplicity Global Solutions Ltd. “At Simplicity, we envision a future where innovative technology is at the forefront of enhancing the customer experience in the real estate ecosystem. We are committed to helping advance technology utilization and adoption within the real estate sector by providing solutions that are user-friendly, easy to implement, and economical to acquire and operate.”
Ontario real estate lawyers and conveyancers can now book a demo and learn more about the tool here.
U.S. real estate giant Blackstone says it will not target single-family homes in its Canadian expansion – The Globe and Mail
Blackstone Inc. BX-N said Monday it has no interest in investing in single-family homes in Canada, laying to rest speculation the giant global asset manager would scoop up hundreds of Canadian houses and turn them into rental properties.
After Blackstone announced plans in May to establish a Canadian office in Toronto, rumours abounded that the private equity firm would unleash its firepower, gobble up homes and increase competition for individuals and families looking to buy homes. The typical home price across the country has climbed 50 per cent over the past two years and real estate investors have come under scrutiny for their role in ramping up competition and driving up prices.
But Blackstone’s head of real estate Americas, Nadeem Meghji, said that is not in the cards for the company’s Canadian expansion.
“It’s just not an area that we are focused on in Canada,” he said in a joint interview with Janice Lin, the new head of Blackstone Canada.
The New York-based company, which has US$915.5-billion in assets under management, has been accused of profiting off the 2007 U.S. housing meltdown after it bought swaths of distressed properties and then rented them out to U.S. residents.
Blackstone has said it did not own any single-family homes before the crisis and didn’t foreclose on any of the properties. It has also said many of its purchases were homes that had been sitting vacant and dragging down local property values.
Blackstone has since sold that business and owns a rent-to-own business called Home Partners of America – one of the many players in a growing single-family home rental market in the U.S.
“We don’t have a similar platform in Canada and we don’t have the intention of launching one because, from our perspective, we think there are just more interesting places to deploy capital in the Canadian market,” Mr. Meghji said.
Ms. Lin, a former Canada Pension Plan Investment Board executive, is in charge of Blackstone’s expansion in Canada. She cited the country’s favourable immigration policies and its strong population growth as two key factors that make Canada a winner for Blackstone’s capital.
Blackstone mostly owns warehouses and other industrial space in Canada, as well as a couple of office towers. It also has some investments in apartment building developments. All together, they are worth about US$14-billion, according to Blackstone, representing just a tiny fraction of the company’s global real estate portfolio.
Ms. Lin and Mr. Meghji both said the company will continue to invest in industrial and top office buildings, as well as hotels.
Blackstone has previously said it expects its growth here will be significant. Mr. Meghji would not quantify “significant” except to say he expects growth will be material and Canada could eventually command a larger share of Blackstone’s global real estate portfolio.
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Calls increase for more money as Montreal and rest of Quebec facing housing crunch
MONTREAL — When Soufia Khmarou moved from Morocco to Montreal in 2009, she thought finding an affordable house for her and her three children was going to be easy.
“I was not expecting this,” Khmarou said in an interview Monday. “What we see, what we hear about Quebec … the reality doesn’t reflect the ad.”
Khmarou appeared next to Manon Massé, a spokesperson with Quebec’s second opposition party, Québec solidaire, who told reporters Montreal’s affordable housing shortage is going to get worse if more money isn’t made available.
Standing next to a construction site of high-end condominiums near downtown Montreal, Massé said, “There are housing units being built in Montreal. But for the families that want to find a place to stay and afford to pay rent each month, there’s a crisis.”
The need for affordable housing will be especially acute after June 30, she said, when most of the leases across the province end. Many families will be forced to remain in or move into homes that are unsanitary or unfit for their needs. Massé said low-income families in Montreal and in the rest of the province are spending up to 85 per cent of their monthly incomes on housing.
Khmarou said she’s been on waiting lists to access subsidized housing for the past three years, hoping to move her family out of a Montreal apartment she said is unsanitary.
“But I don’t have any answers; all I see is more and more people on the same lists,” Khmarou said. “There’s no hope; there’s no low-rental housing that’s being added on the market.”
Montreal Mayor Valérie Plante held a separate news conference on Monday, also to lament the lack of affordable housing in the city. Plante said Montreal has been waiting for the past four years for millions of dollars promised by the federal government to build around 1,200 affordable housing units and renovate an additional 4,700 units.
“We know that there’s a housing crisis — it’s hard on July 1,” Plante told reporters. “To know that there are almost 6,000 units that are taken hostage, that aren’t made available for citizens, it’s unacceptable. It’s been four years, at one point, patience has a limit.
“When we talk about the safety and healthiness of housing units, that’s what’s at stake,” she said.
A coalition of housing committees and tenant associations in Quebec released a report over the weekend indicating a widespread rent increase across the province. The coalition analyzed 51,000 rental listings from February to May and said rents across the province increased by nine per cent between 2021 and 2022, reaching an average of $1,300 per month.
The coalition said that less-populated parts of the province were used to an accessible market but are now seeing strong increases.
Rentals.ca, a Canadian website for apartment rental searches, said the average rent for all Canadian properties listed on its site was $1,888 per month in May — a year-over-year rise of 10.5 per cent. With an average of about $2,000 a month for a two-bedroom unit, Montreal ranked 22nd out of 35 cities. Vancouver, the front-runner, had the same size units listed for an average of $3,495 per month.
The association of homebuilders, called the Association des professionnels de la construction et de l’habitation du Québec, said in a report last week that Quebec is missing 100,000 homes, with more than 37,000 families on waiting lists to access subsidized housing.
Paul Cardinal, director of economic services with the association, wrote that “the only way to sustainably reduce real estate overheating is to increase supply.”
This report by The Canadian Press was first published on June 27, 2022.
This story was produced with the financial assistance of the Meta and Canadian Press News Fellowship.
Virginie Ann, The Canadian Press
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