Pause on interest rate hikes revives rideau lakes cottage market
Rideau Lakes, Ontario
2023 RE/MAX Cottage Trends Report
• Economic uncertainty coupled with rising interest rates has hampered consumer confidence and cottage sales, especially among buyers planning to use a HELOC from their primary residence for their down payment.
• With the number of Baby Boomers set to retire in the next three years, demand is expected to grow for Rideau Lakes cottages, led by retirees relocating from large urban centres to smaller communities with recreational amenities.
• The current intergenerational transfer of wealth is expected to boost demand from investment buyers with added capital, but tensions and conflicting interests between beneficiaries of family cottages may prove to be a challenge. The carrying costs of inherited cottages may also be a subsequent issue, potentially leading to a surplus of inventory in coming years.
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$939,950
2023 (January-March)
average price
$989,718
2022 (January-March)
-5%
Year-Over-Year
-9%
Year-Over-Year
11 unit sales
2022 (January-March)
10 unit sales
2023 (January-March)
Sales stats
market outlook
-5%
2023 Sales Estimate
-1%
2023 Price Estimate
-5%
Year-Over-Year
$989,718
2022 (January-March)
$939,950
2023 (January-March)
Average price
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Balanced Market
Balanced Market