Cottage Properties are Expected to Maintain their Prices
The Manitoba area is home to a lot of affordable cottage properties and for those who had been thinking about buying a cottage property, this is the right time to make a move, says real estate agents.
In a recent release from Royal LePage, it was noted that the market condition in the Manitoba area is very favorable this time as there is a higher supply of homes in the market which gives buyers a wide range of options to choose from and most interestingly, home prices in the area are expected to remain steady. Buyers can get to choose homes from key leading recreational property markets such as Lake Manitoba, the Lac du Bonnet area, and the east and west sides of Lake Manitoba.
This might be the best opportunity for buyers to take advantage of the market situation before it changes.
In the 2017 report of Royal LePage Canadian Recreational Housing Report, the average home price for recreational properties in May was $238,600 and this rate gives Canadian buyers the chance to choose their desired home at a very reasonable rate. Recreational properties are also one of the cheapest housing types in Canada.
Tammy Beutel, an associate agent with Royal LePage Top Producers Real Estate noted that even though home prices in the Lac du Bonnet area are just recently making a recovery following a recent down slide in prices, there are still very attractive transactions to choose from.
Before the 2008/09 international price decline, there were some lakefront properties that were worth over $500,000 Lac du Bonnet area which are now being sold for $440,000 this spring. There are also more options in riverfront and back-lot cottages that are going in for $340,000 and $200,000 respectively.
This makes it a very favorable time for buyers to jump into the market.
The increase in home prices in the Winnipeg area according to Michael Froese, agent manager of Royal LePage Prime Real Estate has also enabled buyers to increase on their equity that can be used to buy homes in the recreational property market. This coupled with low interest rates has made it possible for many buyers to actualize their dreams of owning a cottage home in the Manitoba region.
There has been an increase in the younger generation purchasing homes in these areas.
Jim Muir, an associate agent with Royal LePage also stated that age is another factor that has been increasing on the demand for recreational properties with more retirees making use of the equity from the previous homes to buy cottage properties.
