2010 Recreational Property Report Canadians Pursuing Recreational Property for Lifestyle towards recreational property ownership conducted by Angus Reid and commissioned by Royal LePage Real Estate Services. When buyers were asked why they plan to purchase recreational property, lifestyle was the number one reason given, at 47 per cent. Only one in four buyers say new Canada Mortgage and Housing Corporation regulations reduce their desire or ability to purchase a recreational property. The changes will require Canadians to pay a minimum 20 per cent down payment on any residential or recreational property they purchase that is not their primary home.
Canadians Pursuing Recreational Property for Lifestyle, despite Tax Concerns and Stricter Mortgage Rules
Comparatively, Canadians are more concerned about increases in taxation affecting their ability to buy vacation properties, with 49 per cent responding that they are concerned about new taxation rules such as the HST on new-construction homes while 46 per cent express concern about increasing property taxes. Just over onequarter of those surveyed (26 per cent) want to purchase a recreational property before interest rates start to rise, while 10 per cent said a hike in interest rates would stop them from purchasing.
Almost half of Canadians considering buying a recreational property will do so to improve their lifestyle, despite concerns about increasing taxes, rising interest rates and new regulations that require higher down payments on second homes, according to a nationwide survey of Canadian attitudes
National opinion poll shows condominiums increasingly popular choice for a second home
2010 Recreational Property Price Summary (Average Price Range by Province**) Standard Waterfront, Land Access Cottage (1,000 sq feet, 3 bedrooms, 100 foot lot) PROVINCE
AVERAGE PRICE RANGE 2010
PROVINCE
AVERAGE PRICE RANGE 2010
Prince Edward Island
$180,000 – $200,000
Ontario
$140,000 – $1,050,000
Nova Scotia
$190,000
Manitoba
$189,000 – $360,000
Newfoundland
$110,000
Saskatchewan
$245,600 – $600,000
New Brunswick
$65,000 – $1,000,000
Alberta
$300,000 – $555,000
Quebec
$326,000 – $650,000
British Columbia
$345,000 – $1,500,000
NATIONAL AVERAGE
28 | Leading Edge Magazine | Fall 2010
$65,000 – $1,500,000
