Cottage price growth still strong in West

While the market for cottages is slowing in Ontario, sales in Western Canada are going up, with property values surpassing $1 million for a three-bedroom, waterfront home in Whistler and Salt Spring Island, B.C.

Inventory levels are tight in 61 per cent of western markets, a recent report added, with Alberta's thriving economy bolstering cottage sales in B.C.

Conditions are tightest in markets that offer a selection of affordable cottages, such as B.C.'s Sunshine Coast.  The report didn't forecast demand for cottages to ease anytime soon, as baby boomers fuel the current market  

A another recent report by Royal LePage Real Estate Services found that Canadian cottage prices had increased more than 15 per cent this year. Nine per cent of Canadian families currently own a cottage, according to Royal LePage, while five per cent plan to buy within three years. There will soon be seven prospective buyers for every two cottage listings, the real estate agency said.

"While it's clear that strong demand still exists for recreational properties, purchasers refuse to pay more than fair-market value. "Inventory levels are creeping up as a result, keeping price appreciation in check."

"Part of being Canadian in so many cases is this ability to get out of town and get outdoors,"  

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