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Spring has arrived in Canada, prompting many to contemplate the possibility of purchasing a cottage or cabin. However, a recent report cautions prospective buyers to budget carefully before making such a decision. Released on Wednesday, the report suggests a potential resurgence in the recreational real estate market, with the national median house price forecasted to rise by approximately five percent.

Despite a drop in inflation to 2.8 percent in February, surprising economists, the housing market and recreational homes could still witness a boost. In 2020, a report revealed that prices of recreational homes surged by about 11.5 percent in the first nine months of the year, reaching around $453,046, largely due to dwindling supply amidst increasing demand. A recent survey found that 41 percent of recreational real estate professionals reported less inventory compared to the same period in 2023. However, 64 percent noted similar or even increased demand.

Read the full article on: Global NEWS