Rush for recreational properties in Ottawa Valley and across Ontario fading, report finds
After a mad rush to leave large cities at the height of the COVID-19 pandemic, it appears the allure of the cottage is no longer there.
A new report from Royal LePage predicts the number of sales and prices for recreational properties, such as cottages, will fall in 2023 amid waning activity.
"The shininess, newness of that has worn off," Ottawa Valley realtor Denise Johnston says.
"Although there is Internet, people I don't think realized that there was going to be travel. When you needed to go get milk or groceries, it was sometimes a 30-minute drive in some cases."
The report says in 2022, the price of a recreational property in Ontario rose by 7.3 per cent to $634,800. Royal LePage says the average cost of a waterfront property in the Ottawa Valley increased 12.5 per cent in 2022, while the cost of a waterfront property in Rideau Lakes jumped 23.3 per cent.
It is predicted that in 2023, recreational property prices will fall five per cent across Ontario to an average of $603,060.
"Plus companies are calling employees back to work," Johnston tells CTV News Ottawa.
"So the commuting, even if it is only two to three days a week when the weather is not so great is not working out for so well for some people so they're giving up on that."
There is also an expectation that some who made the decision to move away from the city will reconsider that choice.
"Within the next year or 18 months I think you are going to start see some people starting to sell their cottages and head back towards the city a little bit closer."
Johnston says this could be seen as a positive for some as life continues to move back to normal.
"I personally have three clients that I'm working with trying to find waterfront properties and we have been looking, for some of them, up to two years."
CTVNews.ca Top Stories
RCMP uncovers plot to sell drones and equipment to Libya
The RCMP says it has uncovered a plot by two men in Montreal to sell Chinese drones and military equipment to Libya illegally.
Demonstrators kicked out of Ontario legislature for disruption after failed keffiyeh vote
A group of demonstrators were kicked out of the legislature after a second NDP motion calling for unanimous consent to reverse a ban on the keffiyeh failed to pass.
Tom Mulcair: Park littered with trash after 'pilot project' is perfect symbol of Trudeau governance
Former NDP leader Tom Mulcair says that what's happening now in a trash-littered federal park in Quebec is a perfect metaphor for how the Trudeau government runs things.
Man wanted in connection with deadly shooting in Toronto tops list of most wanted fugitives in Canada
A 35-year-old man wanted in connection with the murder of Toronto resident 29-year-old Sharmar Powell-Flowers nine months ago has topped the list of the BOLO program’s 25 most wanted fugitives across Canada, police announced Tuesday.
Doctors ask Liberal government to reconsider capital gains tax change
The Canadian Medical Association is asking the federal government to reconsider its proposed changes to capital gains taxation, arguing it will affect doctors' retirement savings.
Keeping these exotic pets is 'cruel' and 'dangerous,' Canadian animal advocates say
Canadian pet owners are finding companionship beyond dogs and cats. Tigers, alligators, scorpions and tarantulas are among some of the exotic pets they are keeping in private homes, which pose risks to public safety and animal welfare, advocates say.
Thieves use stolen forklift to rip cash machine out of U.K. bank
Police in the U.K. are searching for a group of suspects seen on video using a forklift to steal a cash machine from a bank.
'There was a lot of black smoke': Crane operator sounds alarm while trapped during highrise fire in Halifax
A tower crane operator alerted emergency crews after noticing a fire on a construction site in Halifax Tuesday morning.
Cherry blossoms blooming in Canada: Here's what to know
There is a swaying sea of colour in some cities across Canada, and it's a sure sign of spring: cherry blossoms are in bloom.