What is typically known as the recreational property market in Ontario - this would include cottage country and areas within a commutable driving distance to the GTA includes the are that I cover in real estate; Caledon, Erin, Mono, Mulmur, Adjala, and Creemore. 2020 has been a banner year for this market in our area. According to Royal LePage Research; Canada's recreational market overall rose 11.5% year-to-date with the average sales price being $453,046.
Recreational property markets also saw an uptick in retiree buyers. While retirees are historically a significant buyer demographic for the recreational property market, the pandemic has spurred demand as retirees advance their plans to improve their quality of life by moving to the countryside
Given that our area is also commutable to the GTA we have seen our area outpace even this dramatic increase with Dufferin and Caledon seeing average sales prices up 21% over the previous year with Wellington at 15% increase and Adjala at 13% increase over the previous year (figures given are up to November 30th, 2020)
As a cottage country agent was quoted as saying this past fall, "Retiring baby boomers have been putting upward pressure on prices and reducing inventory for the last few years. Retirees are now finding themselves competing against remote workers." Both demographics have seen their savings grow through less travel and entertainment expenses during the pandemic last year and into this year. We are also seeing an increase in buyers looking to purchase larger properties as their children have returned, in some cases with the grandchildren in tow, after job loss or the ability to work remotely. The biggest concerns beside the house being a good fit; access to walking trails and other outdoor activities, a cohesive community and services, and the one that seems to trump them all - internet quality.
In our area the SWIFT initiative is trying to remedy poor internet quality in many areas within southwestern Ontario. If you would like to see if you are going to be affected, please go to www.swiftruralbroadbank.ca .