Cottage market booming thanks to lower loonie

The weakened Canadian dollar is proving to be good news for the cottage housing sector.

A report by Re/Max says that both domestic and foreign buyers are snapping up recreational homes in popular resorts across Canada.

Its report reveals “an increase in buyers looking to rent out their recreational properties part or full-time and this trend is most common in Ontario and British Columbia. However, very few regions are listing investors as primary market drivers.”

Most of the buyers are families with children or retirees.

The areas of particular interest to foreign buyers are Whistler, Tofino, Muskoka, Shediac and PEI, while Shuswap, Lake Winnipeg, Penticton and Thunder Bay are benefitting from the lower dollar, but seeing no real increase in foreign buyers. 

To read more about Canada's cottage country, subscribe or pick up the latest issue of CREW for our annual report: Cash Flow at the Cottage.
 

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