Home prices are increasing in CanadaB次元官网网址檚 cottage country as more buyers look to move there full-time, according to a report released Monday by Royal LePage.

Prices of single-family recreational homes rose 11.5 per cent to an aggregate of $453,046 in the first nine months of the year, the real estate brokerage said.

The data from Royal LePage comes amid an overall uptick in home prices this year, after COVID-19 lockdowns stymied the spring buying season. A rush of demand and a limited supply as the economy reopened this summer and fall meant that home prices were up 15.2 per cent last month in Canada compared to a year ago, according to the Canadian Real Estate Association.

Royal LePage chief executive Phil Soper says the number of cottages, cabins, chalets and farmhouses on the market have also dwindled amid the increased demand, at least through September.

B次元官网网址淚nventory levels are the lowest IB次元官网网址檝e seen in 15 years,B次元官网网址� said Heather FitzGerald, a Royal LePage agent in Moncton, NB, in the report. While local buyers have moved away from cities and closer to nature, FitzGerald also noted an increase in buyers from Ontario and Quebec. Corey Huskilson, another Royal LePage agent quoted in the report and based in Halifax, said buyers from outside of the Maritimes, B次元官网网址渨ho expect to be working remotely for the foreseeable future, are flocking to the area.B次元官网网址�

Real estate agents in 54 per cent of regions told the brokerage that there was a significant increase in buyers looking to work remotely at a cottage as a primary residence.

Eric Leger, a Laurentians-based agent, said in the report that QuebecB次元官网网址檚 lockdown periods B次元官网网址渟parked an urgent desire for many city dwellers, in need of more living space, to relocate to the suburbs and cottage country.B次元官网网址�

Agents in other provinces noted similar trends, with one agent noting that Alberta-based buyers are competing with people across the country for properties in Canmore.

B次元官网网址淗ighway developments have reduced the drive from Saskatoon to 1.5 hours, which makes working remotely more possible for those who still have to go into the office a few days a week,B次元官网网址� said broker Lou Doderai in the report.

The report says retirees have also bid up cottage prices, with agents in 68 per cent of regions saying more retirees are buying cottages this year compared to last year.

B次元官网网址淩etiring 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,B次元官网网址� said Bob Clarke, an agent in OntarioB次元官网网址檚 Muskoka region, in the report.

B次元官网网址淭he most common question used to be B次元官网网址榠s the property West-facing?B次元官网网址� Now my clientsB次元官网网址� biggest concern is internet quality.B次元官网网址�

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Anita Balakrishnan, The Canadian Press

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