Canada’s most popular winter recreational markets witness significant home price variations in 2019; Quebec regions post largest gains
NOVEMBER 28, 2019 (Royal LePage Canada)
“In Ontario, continued high demand from boomers releasing equity from their Greater Toronto Area homes and relocating to Blue Mountain and Collingwood has resulted in year-over-year price gains for both single-family homes and condominiums. This trend of boomers relocating to cottage country is expected to continue.”
“Southwest of Blue Mountain resort, 98 upper-end properties in Collingwood priced over $1 million sold in the 12-month period ending September 30, 2019 pushing up the median price of a single-family home by 8.3 per cent year-over-year to $525,000. Meanwhile, the median price of a condominium increased 6.9 per cent to $385,000. “Demand remains strong among buyers who are purchasing retirement properties in Collingwood,” said Rick Crouch, broker and manager, Royal LePage Locations North. “They’re cashing out in the GTA and buying a similar-sized, or an even bigger property, to enjoy year-round activities and amenities in Collingwood.” For those looking to purchase in the Blue Mountain area, the median price of a single-family home rose 4.0 per cent year-over-year to $780,000, while the median price of a condominium rose 4.2 per cent year-over-year to $369,000. Despite healthy price appreciation, price growth was likely hampered by new short term accommodation rules that dampened demand from investors as well as buyers looking to offset mortgage and ownership costs through rental income.”
Recent Comments