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Cottage Country’s rising cost of entry –what do the numbers really mean?
TORONTO, April 20, 2006 Cottage county prices are still rising in prime lakefront regions and demand is
increasing in remote regions due to several factors:
- Low mortgage rates and the buying power of the largest sector of first-time buyers – baby boomers – offer
more people easy entry into the market.
- Four-season accessibility and shorter driving times as a result of better roads make cottaging easier and
more comfortable.
- As new cottagers enter the prime markets, traditional cottagers are seeking retreats in more remote, less
expensive regions, farther from major towns and cities.
“We are now seeing a wider variety of cottagers and cottaging styles than ever before,” says Penny
Caldwell, editor of Cottage Life magazine. “Traditional cottage culture is changing with the influx of
new cottagers, better cottage access, and technology that allows people to spend more time at the cottage.
There are lots of options and price ranges for savvy buyers, many of whom will rent in different places for a
few years before they commit to one area.”
Research conducted by Cottage Life as part of the www.cottagelife.com web polls indicates that, while the
cottage real estate industry is booming, consumers are divided between introducing new technology and trying
to preserve their cottage as a retreat from the rat race:
- more than 50% of cottagers who responded said they had basic technology such as a phone, radio, and
TV
- more than 23% have the basics plus internet
- 8% said they go to the cottage to escape technology
Despite the increase in sales of high-end cottages, the majority of respondents to the cottagelife.com web
poll (54%) said they had cottages under 1000 sq. ft., while another 21% said their cottages were between
1,000 and 1,500 sq, ft. Only 4% said their cottages were more than 2,500 sq. ft.
Complete descriptions and prices for 26 cottage regions across Ontario are available at
www.cottagelife.com.
Penny Caldwell, Editor, Cottage Life magazine, is available for media interviews.
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Media Contact:
Stacie Smith
(416) 910-8112
smithcommunications@sympatico.ca
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