When it comes to prices of sky-high real estates, Toronto and Vancouver are leading the race in Canada, but then Alberta leads the way at the level of cottages, being the one town in the country with the priciest cottages. That’s the recent analysis of the Canadian recreational property by Royal LePage.
The price of houses in Alberta costs $816,700, according to the real estate agency. This price takes into account the calculated average of the different property types.
This price is substantially greater than what buyers are paying for in either Ontario or British Columbia, where the real estate markets of Toronto and Vancouver are frenzied in spreading to cottage country, says Royal LePage.
Why do cottages in Alberta cost so much?
Primarily, prices in the province were guided by the limited availability of lakefront property that were closer to major city centers, and also the increasing demand surging from a local economy on recovery.
Compared to other oil-producing provinces, wherein home values were kept constrained partly due to prices in commodities, recreational properties beside Edmonton and Calgary have their own values well amid the recent economic plague. Especially comparing to other market entities, said the chief operating officer at Royal LePage real estate services, Kevin Somers.
Here is a list from the priciest to the least expensive market on how much it costs to purchase a cottage in Canadian province.
1. Alberta costing $816,700
2. British Columbia costing $595,100
3. Ontario costing $413,000
4. Quebec costing $318,700
5. Saskatchewan costing $297,200
6. Nova Scotia costing $260,700
7. Manitoba costing $238,600
8. Prince Edward Island costing $225,500
9. Newfoundland costing $191,700
10. New Brunswick costing $179,500