WHY ARE COTTAGE PRICES INCREASING IN ONTARIO?
WHY ARE COTTAGE PRICES INCREASING IN ONTARIO? Cottages majorly are used as a recreational home, backdrop offices is a small house surrounded with the beauty of nature and serenity. It is not hard to see cottages in Ontario especially in some regions, but during recent times the demand has increased drastically.
If you’re inquisitive about the sudden price rise in Ontario cottages, it isn’t hard. Pay rapt attention as this is the main purpose of this article.
WHY DID COTTAGE PRICES INCREASE IN ONTARIO?
There are cogent factors for the sudden rise of cottage homes in Ontario, and it would be necessary for you to know if you’re also interested.
- Since there is low interest in cottage homes, the recent pandemic has kept people in search of cottages where work can be done in natural habitat, thus saving them cash, time and providing flexibility.
- The demand is higher than the supply i.e the number of cottages isn’t enough for the multiple offers made, which has caused cottage sellers to increase the price than the normal rate for gains.
The aforementioned factors are the major reasons prices of cottage homes have skyrocketed in Ontario.
WHERE CAN I FIND A CHEAP COTTAGE IN ONTARIO?
Although the prices of cottages have increased, there are some areas where you can still get the opportunity to get at a lower rate. I will give you some of them below.
- “Haliburton area” is always known for its cheap cottage prices, prices have increased by 77% recently but surely not like some other areas. Its estimated amount is just about $510,000, do well to get it if your live in the area or have the money.
- Apart from the other cottages, ”Gravenhurst cottages” have cheap prices and waterfront properties. It is very easy to get and a convenient place if you like it.
- The cottages located in Kingston are very cheap, an added advantage if you live around the area i.e Ottawa. It is a very good idea if you need one, prices mostly range from $200-000 to $749,000 as of now.
- Finally, we have a cheap cottage in “Georgian bay’ with waterfront properties. So if you’re interested in it/close to the area, you can get it.
HOW DO I BUY COTTAGE IN ONTARIO?
Basically, there are necessary requisite steps to take when it comes to getting a cottage, especially in Ontario.
- You must think it over, do you really need it?. Understand that cottage demands your time and money no matter how cheap, so check your finances and see if you need it for any cogent reasons such as a place to retire to, work from on weekends, and visit for vacation.
- Make sure you have savings and a down payment back up with the minimum amount of 20 percent. This will also help you with incidental costs and feed with the property like legal fees, Ontario land transfer fee, home inspection, and so on.
- Employ the help of a professional real estate agent in the area by giving your desired cottage, this will reduce the stress and help you in the search.
- Now, if you get the one you desire, close on with an offer.