Rising prices, bidding wars, blind bids: the search for seasonal real estate has become a battleground. Tales of 10 of Canada’s most popular vacation towns.
In the july issue Maclean’s, and every week here online, recent buyers divulge what it took to acquire their dream cabins: pool the family money, send relatives to visit, catch the first flight to Atlantic Canada after of the bubble or buy at sight. , sometimes from thousands of miles away.
South Coast, Nova Scotia
Median Recreational Property Price (2021): $313,500
The market: Nova Scotia’s south shore is synonymous with maritime charm, home to the iconic Peggy’s Cove Lighthouse, the Bluenose II, oceanfront beaches, and seemingly endless reserves of shellfish. It’s amusing, then, that the biggest increase in recreational property costs on the South Shore has been in the non-waterfront category. Between 2020 and 2021, inland cabin prices increased 29 percent. This kept pace with rising residential prices in the area, courtesy of new waves of buyers outside the province, particularly from Ontario and BC, hoping to get more for their real estate investment. All eyes are on the East and its vacation market has skyrocketed as a result.
The buyers: Jordan Perry, a 30-year-old mortgage broker, and his wife, Tanya, a 27-year-old parts and warranty manager.
For a long time, Tanya and I had a goal of owning a country house, somewhere near the ocean, but not on the ocean itself. We wanted a lake so we could swim, boat and kayak. The Kawarthas are amazing, but financially they were out of our league. We love Mahone Bay, Lunenburg and Bridgewater so we decided that the South Shore would be our number one area.
Jordan: I live in Warsaw, Ontario, but I consider myself an honorary Can Atlánticoadian My brother went to school in Dalhousie, and visiting him was my first real exposure to the East Coast. There he met his wife and ended up staying. And my ties go beyond family: I’m a mortgage broker and real estate investor, and my business is primarily in New Brunswick.
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I developed a system for remote shopping: I start by looking for places that have been on the market for a while, those that have been overlooked. Earlier this year, I stumbled across a 2,200-square-foot A-frame log cabin with a stunning red roof on Big Mushamush Lake. It had been on the market for 200 days and was in need of some maintenance: there were holes in the drywall, bright orange walls, the deck was attached in the wrong place, and the roof overhang was not wide enough to protect the face from the cabin. of rainwater
I had my brother look at the property in person. He didn’t raise any big red flags, so Tanya and I made an offer of $500,000. The owners responded with $550,000. Once we receive the inspection report, we negotiate our final offer up to $500,000. I wrote a letter of apology to the owners for the low offer, but ultimately that’s what I thought the property was worth. We bought sight unseen and closed in April, a month after our second child was born.
For years, I was puzzled as to why people weren’t as in love with Nova Scotia as I was. Now, it seems that everyone has noticed. South Shore never used to be a marketplace for multiple deals and bidding wars, but now it is.
I see investment properties as assets, but I made the decision early on to put this specific property on the liacol bilitymmm This cabin is certainly rustic, but for us it is a great dream come true.