New report lays out costs of cottages across region

A cottage is seen in this file photo. (Roger Klein / CTV Barrie)

With summer here, a lot of people are spending time at the cottage while others may still be hoping to live that dream. Some new numbers today are painting a picture of how affordable that dream is in our part of Ontario.

Sarina Essner lives in Toronto, but spends most of her weekends in Wasaga Beach. She stopped by a real estate office June 25, 2013 to see what’s for sale in the area.

Essner believes this could be a good time to buy a summer property that could become a full-time home.

According to this year’s recreational property report by ReMax, prices were stable of down slightly from last year in 77 per cent of recreational markets right across the country. But lower prices and more selection has spurred new interest in the cottage market.

According to the latest sales statistics, the average home in Wasaga Beach sold for $273,000, but the price increase the closer you get to the waterfront.

Jason Ruttan contributed to the ReMax report.

He says a cottage on the river where the water is deep enough for boating starts at $450,000. A property right on the beach with an older cottage starts at $499,000.

“Lot size, location, this is a great starting point at $499,000,” Ruttan says, “and some go up over a million. On average most of the waterfront starts at $500,000 and move to $850,000 to $900,000…”

The ReMax report says a three-bedroom cottage in Honey Harbour starts at $350,000, in Parry Sound at $225,000 and $300,000 in the Huntsville area.

Essner is hoping her brother buys a recreation property in Wasaga Beach too.

“If you have the money,” Essner says, “I think it’s a good time to buy. I don’t think things are going down. I think the town is going up.”

The report says the next four months tend to be the busiest time for recreational properties and if the current trend continues most markets should see growth by the end of the year.

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The lowest average starting prices are in the Parry Sound, Haliburton and Huntsville, Lake Of Bays areas where prices range from $225,000 to $300,000.

Starting prices in Bracebridge and Gravenhurst and Honey Harbour/Port Severn are still under $400,000.  In the Midland area it's around $450,000 and Wasaga Beach starts at just under $500,000.

From Innisfil to Oro - prices start from $550,000.

In the Collingwood area it jumps to $600,000 and in Muskoka Lakes the starting cottage price is $699,000.