RE/MAX released its annual Recreational Property Report, identifying price and other trends in 41 recreational property markets across Canada, including Sudbury and Thunder Bay.
Among the key national findings are that price increases in popular urban residential markets has had a spillover effect on nearby recreational property sales and that more people are buying properties to work remotely over the summer or are setting up properties for year-round use.
RE/MAX finds the Sudbury market is one of the “most affordable recreational property markets” in Ontario. Camps start at $80,000 and increase to about $440,000 on the upper end.
Properties are often tied to the price of nickel which helps increase consumer confidence. RE/MAX said the Sudbury sales volume in popular places like the French River and Manitoulin Island has increased more than 40 per cent over year as of May 31.
“The summer is expected to be busy for real estate, driven in part by pent-up demand,” said the report.
In the Thunder Bay market, recreational property prices start at $150,000 and escalate depending on location and distance from the city.
The Shebandowan area, west of the city, is the most expensive with year-round properties priced at more than $700,000.
RE/MAX forecasts that buyers are “expected to snap up new waterfront condos being built in the city, starting at about $335,000.”
The priciest property sold this year was a 960-square-foot home at Birch Beach, which sold for $350,000.
To read the full report, go online at http://remaxoa.com/14/PR/RecReport/FinalReport.pdf#20389715