SEAFOAM, N.S. – Northern Nova Scotia is an area known for its scenic beauty and ocean breezes. According to Dennis MacLeod, who lives in Truro, N.S., the view in places like Seafoam and River John, N.S. are second to none, which is why he has tried to purchase a cottage in that area. “It is gorgeous and you get beautiful sunsets there every night,” said MacLeod. “For the last 10 years I have been looking to buy a cottage, but I can’t seem to get one.” MacLeod said not enough cottages are for sale in that part of Nova Scotia, which has limited his selection. Some that are for sale and are in his price range need to be renovated and upgraded, which would add to the overall cost. “I can spend $200,000 or $300,000 on a really good spot,” he said. MacLeod’s cottage search comes as RE/MAX has released new statistics related to the cottage real estate market in Canada. Northern Nova Scotia’s average cottage prices are $372,590, which is cheaper than Charlottetown’s average of $444,900 and almost half as expensive compared to Ontario’s Muskoka region which was listed at $722,839. Those numbers help explain why it is a buyer’s market for cottages in Northern, N.S. but that could soon change. “As people in Canada start to wake up as to what’s available in Nova Scotia, you are going to see people coming from away and buying recreational properties,” said Royal Lepage Atlantic president, Matt Honsberger. According to Dalhousie University professor Lorn Sheehan, as cottage prices continue to climb in other parts of Canada, buyers have expanded their search and many now want to own property in Nova Scotia. “They are amazed at what they see and the experiences that they have.” said Sheehan, who specializes in tourism and destination management. “And as they come back, perhaps for a second time they are then hunting for a cottage.” Sheehan added post-pandemic cottage sales have increased in Canada. In 2021 many Canadians worked remotely regardless of the location. “Now, as working from home becomes less of an option for many people and many organizations, we are seeing a lot of people revisit what value they are getting from that recreational property,” said Sheehan. All these factors have provided an ideal recipe for a high demand in Nova Scotia cottages and a competitive process for would-be buyers. Honsberger said even the more relatively affordable recreational properties have climbed in price over the past five years. “I would say lots of them are up 60, 70, 80 even 100 per cent,” he said. Those prices are still much cheaper than many cottage property values across the country, with a variety of choices. “Do buyers want to be located on (the) lake because that’s going to be more affordable, or do they want to be located on the ocean?” said Sheehan. “That is something that is not offered to buyers in the Ontario market.” MacLeod said he knows there is a lot of competition from other cottage buyers, but he is not giving up. “I am going to get one of them, one of these days,” he said. With average prices still within his budget, MacLeod is confident he will be a cottage property owner soon in his home province as sales surge in Canada.
