Latest news with #DonKottick
Edmonton Journal
6 days ago
- Business
- Edmonton Journal
Listed lakeshore properties a scarce sighting in Alberta
Article content That's especially true around Pigeon Lake, one of Alberta's most well-known recreational water bodies where waterfront properties can exceed $650,000 with upgraded, three-season properties easily exceeding $1 million. It's a Canada-wide challenge for buyers, as lakefront properties are obviously limited in number despite the nation having plenty of fresh water bodies. And that's despite demand taking a hit this year due to tariff troubles, notes the recent Re/Max Canada's 2025 Canadian Cabin & Cottage Trends Report. It found nearly six in 10 respondents cited the trade turmoil as a headwind for buying a recreational property in 2025. 'Until this issue is resolved, and we really don't know how long it will be until it is, we're definitely seeing that as a dampening factor,' says Don Kottick, president of Re/Max Canada. Given the uncertainty, the recreational market in Canada is expected to see relatively flat price growth, up less than two per cent by year's end over the end of 2024, the report forecasts.
Toronto Sun
23-05-2025
- Business
- Toronto Sun
Tariffs taking toll on cottage market
This charming cottage, located on Catchacoma Lake, is listed at $1.35 million. JUDI DUSTO, REALTOR®, REMAX HALLMARK LAKEFIELD Reviews and recommendations are unbiased and products are independently selected. Postmedia may earn an affiliate commission from purchases made through links on this page. Still, prices are expected to rise: report This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account Economic uncertainty brought on by U.S. tariffs is taking a toll on the recreational property market, a new report finds. 'Markets don't like uncertainty and we're seeing that sentiment manifest in a quieter-than-normal spring market across recreational and traditional residential properties alike,' says Re/Max Canada president Don Kottick. 'We are optimistic that recreational activity could pick up later this season but there's a big 'but' looming. Buyers and sellers will need further clarity around Canada's approach to tariffs now that the election is behind us before we see a return to more normal levels of activity.' The buyers' pause is unexpected. Thanks to lower interest rates, rising consumer confidence levels and easing inflation, recreational activity was poised for an 'upswing,' Re/Max Canada's 2025 Cottage and Cabin Trends Report found. Your noon-hour look at what's happening in Toronto and beyond. By signing up you consent to receive the above newsletter from Postmedia Network Inc. Please try again This advertisement has not loaded yet, but your article continues below. 'Unit sales are not going to go backwards. They're either going to be flat, or we could see as much as a 10 per cent uptick…depending on which market you're in,' Kottick says. Meanwhile, Re/Max brokers and agents expect recreational property prices to rise nationally by 1.8 per cent this year. Stock market volatility has renewed interest in Canadian real estate: 34 per cent of Canadians who are thinking about buying a cabin or cottage see recreational properties as a good investment. 'Some buyers see this as a window of opportunity to invest in real estate, while prices are still down from their peak levels and relatively stable compared to other investment options,' Kottick says. DEMOGRAPHIC SHIFT There's been a demographic shift in the recreational market, with families overtaking retirees as the primary drivers, Kottick notes. Retirees are followed by couples, investment buyers and estate/family wealth transfers. This advertisement has not loaded yet, but your article continues below. That's in contrast to 2018, when retirees were the dominant force in most markets. Re/Max attributes the shift to lower interest rates, lower property prices and lifestyle changes sparking buying activity among the younger population. Still, cottage ownership isn't for everyone. Seventeen per cent of cottage owners planning to sell in the next one to two years said the next generation in their family isn't interested in taking over the property, influencing their decision to sell. Another 17 per cent plan to list the family cottage for estate reasons. A 'significant wealth transfer' could trigger more cottage inventory in the coming years, boosting affordability thresholds for many cottage and cabin hunters, Re/Max suggests. This advertisement has not loaded yet, but your article continues below. Meanwhile, 30 per cent of Canadians who are planning on purchasing a cabin or cottage in the next one to two years see it as a viable primary residence, while 29 per cent say that housing shortages make a cottage a viable primary residence to consider. 'This would be dependent on whether they could work remotely but we are seeing a trend of more people seeing cottages as their permanent residences,' Kottick says. In another trend likely tied to economic uncertainty, some Canadians are choosing to sell their recreational properties south of the border 'and may be looking for recreational properties up in Canada,' he says. 'Canadians are staying at home more than they have in the past as opposed to travelling to the U.S.' This advertisement has not loaded yet, but your article continues below. Reasons for buying aside, affordability remains top of mind among Canadian cottage buyers. According to a Leger survey commissioned by Re/Max, 57 per cent identified 'affordable purchase price' as a must-have, while reasonable maintenance costs ranked at 35 per cent. ADVICE TO BUYERS, SELLERS Thinking about buying and/or selling? 'The primary message is that things are still selling. If you do need to sell, speak to a realtor and make sure you price your property properly. In any market, if you overprice, your property is going to stagnate but if you price it to sell, it will sell it because there is a lot of pent-up buyer demand,' Kottick says. 'If you're looking to buy, there are certain areas where the inventories are growing, which creates opportunity.' Buyers need to be aware of short-term rental restrictions put in place in some regions to address the housing inventory shortage, he adds. This advertisement has not loaded yet, but your article continues below. 'At the end of the day, this is probably going to be a momentary slowdown because the buyers are there and we've got the population to drive the activity. I anticipate at some point the market is going to start getting active again.' Ontario market has pent-up demand According to a new Re/Max report, year-over-year home prices have dipped between one and 20.3 per cent across half of recreational markets, including Niagara-on-the-Lake, Peterborough County, Northwestern Ontario, Orillia and Grand Bend, largely because of increases in available inventory. Northwestern Ontario is the outlier, as it's still experiencing low inventory. Prices are expected to increase in 60 per cent of regions as pent-up demand puts additional pressure on existing inventory. Prices are expected to drop in 40 per cent of regions as inventory remains steady and more listings go onto the market in the warmer months. Families and retirees from the Greater Toronto Area as well as locals are driving demand across all recreational markets, the report notes. Northwestern Ontario is experiencing growing interest from out-of-province buyers who left the province and are now returning to communities familiar to them. Canada Toronto Maple Leafs Sunshine Girls Toronto & GTA Sunshine Girls
Toronto Star
20-05-2025
- Business
- Toronto Star
Tariffs, economic uncertainty chilling cottage housing market, report says
The May long weekend marks the unofficial start of cottage season for many Canadians, but a new report says some looking to buy a vacation home of their own are holding back until economic tensions settle. The report by Re/Max Canada, which is based on a Leger survey it commissioned in March, said lower borrowing costs and improved affordability in the recreational market last year had prompted renewed interest among potential buyers. However, that's now being overshadowed by economic uncertainty that has chilled the national housing market in recent months in response to the ongoing U.S.-Canada trade war. ARTICLE CONTINUES BELOW According to the survey, 59 per cent of people whose housing options have been influenced by recent tariffs indicate they are less confident in the recreational market than they were in 2024. 'Market conditions really took a hit when they started having these trade discussions,' said Re/Max Canada president Don Kottick in an interview. But he didn't rule out a quick turnaround, saying the market could open up rapidly if Canada reaches a new trade deal with its southern neighbour. 'I think the underlying desire is there. The general consensus is that desire is not going to go away,' he said of interest in the secondary home market. 'Recreational buyers are temporarily on the sidelines as they await for further clarity or signs of economic stability.' While unit sales aren't expected to decline year-over-year in the majority of Canada's recreational markets, activity is forecast to range from flat to a 10 per cent increase. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Re/Max brokers and agents anticipate a national average price increase of about 1.8 per cent across the Canadian recreational market in 2025, according to the report. Among Canadians less confident in the housing market than they were in 2024, 19 per cent said due to the tariff threats, they are holding off on buying or selling until there is further clarity. In Ontario, the market is 'more or less paused,' said the report, as both buyers and sellers keep an eye on employment and other economic indicators. Year-over-year prices in the Ontario cottage market have declined across half of all regions analyzed, with declines ranging from about one to 20 per cent, including Niagara-on-the-Lake, Peterborough County, Northwestern Ontario, Orillia, and Grand Bend, largely due to increases in inventory. The remaining 50 per cent of Ontario cottage markets have seen prices increase, reflective of tight inventory levels in Simcoe County, Kawartha Lakes, Greater Sudbury, and Prince Edward County. The average price in B.C.'s recreational market is expected to rise 1.1 per cent in 2025, according to the report, thanks to balanced market conditions. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW 'I think we can assume that Canadians are being a little bit more cautious,' said Carrie Lysenko, CEO of online real estate brokerage Zoocasa. 'We are seeing a lot of fluctuations.' But Lysenko said some popular cottage destinations, such as Ontario's Muskoka region, are more 'immune' to fluctuations in overall economic and real estate trends because they benefit from a 'different profile of buyer.' 'Muskoka is known as the Hamptons of the north. Desirability is so high to have properties in those areas,' she said. 'These are not first-time home buyers. These are higher net-worth individuals that are looking for secondary or tertiary properties, investment properties that they potentially are going to either enjoy for themselves or rent out.' She said there could be reason for optimism that other secondary markets in Canada will pick up too. An analysis earlier this month by Zoocasa said tariffs are prompting Canadians to pull back from U.S. real estate, including secondary homes in warm resort and vacation markets. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW It said Canadians made up the largest share of foreign buyers in the U.S. last year with an average purchase price of roughly US$834,000, and that domestic purchases could increase as interest down south wanes. 'When we think about how far can your dollar go in the U.S. versus buying a secondary and vacation property in Canada, that might be more affordable and more attractive,' said Lysenko. 'It would likely put more pressure on some of these vacation destinations, like Muskoka, like Whistler, maybe parts of Vancouver Island.' The Re/Max report also said there could be hope for a rebound in Canada's cottage country as Canadians divert U.S. travel plans, comparing the situation to the increased local tourism seen during the pandemic. But it said affordability will remain a key factor for potential buyers, with 57 per cent of survey respondents identifying it as a must-have. 'It really is largely based on disposable income,' said Kottick. This report by The Canadian Press was first published May 19, 2025.
Hamilton Spectator
19-05-2025
- Business
- Hamilton Spectator
Tariffs, economic uncertainty chilling cottage housing market, report says
The May long weekend marks the unofficial start of cottage season for many Canadians, but a new report says some looking to buy a vacation home of their own are holding back until economic tensions settle. The report by Re/Max Canada, which is based on a Leger survey it commissioned in March, said lower borrowing costs and improved affordability in the recreational market last year had prompted renewed interest among potential buyers. However, that's now being overshadowed by economic uncertainty that has chilled the national housing market in recent months in response to the ongoing U.S.-Canada trade war. According to the survey, 59 per cent of people whose housing options have been influenced by recent tariffs indicate they are less confident in the recreational market than they were in 2024. 'Market conditions really took a hit when they started having these trade discussions,' said Re/Max Canada president Don Kottick in an interview. But he didn't rule out a quick turnaround, saying the market could open up rapidly if Canada reaches a new trade deal with its southern neighbour. 'I think the underlying desire is there. The general consensus is that desire is not going to go away,' he said of interest in the secondary home market. 'Recreational buyers are temporarily on the sidelines as they await for further clarity or signs of economic stability.' While unit sales aren't expected to decline year-over-year in the majority of Canada's recreational markets, activity is forecast to range from flat to a 10 per cent increase. Re/Max brokers and agents anticipate a national average price increase of about 1.8 per cent across the Canadian recreational market in 2025, according to the report. Among Canadians less confident in the housing market than they were in 2024, 19 per cent said due to the tariff threats, they are holding off on buying or selling until there is further clarity. In Ontario, the market is 'more or less paused,' said the report, as both buyers and sellers keep an eye on employment and other economic indicators. Year-over-year prices in the Ontario cottage market have declined across half of all regions analyzed, with declines ranging from about one to 20 per cent, including Niagara-on-the-Lake, Peterborough County, Northwestern Ontario, Orillia, and Grand Bend, largely due to increases in inventory. The remaining 50 per cent of Ontario cottage markets have seen prices increase, reflective of tight inventory levels in Simcoe County, Kawartha Lakes, Greater Sudbury, and Prince Edward County. The average price in B.C.'s recreational market is expected to rise 1.1 per cent in 2025, according to the report, thanks to balanced market conditions. 'I think we can assume that Canadians are being a little bit more cautious,' said Carrie Lysenko, CEO of online real estate brokerage Zoocasa. 'We are seeing a lot of fluctuations.' But Lysenko said some popular cottage destinations, such as Ontario's Muskoka region, are more 'immune' to fluctuations in overall economic and real estate trends because they benefit from a 'different profile of buyer.' 'Muskoka is known as the Hamptons of the north. Desirability is so high to have properties in those areas,' she said. 'These are not first-time home buyers. These are higher net-worth individuals that are looking for secondary or tertiary properties, investment properties that they potentially are going to either enjoy for themselves or rent out.' She said there could be reason for optimism that other secondary markets in Canada will pick up too. An analysis earlier this month by Zoocasa said tariffs are prompting Canadians to pull back from U.S. real estate, including secondary homes in warm resort and vacation markets. It said Canadians made up the largest share of foreign buyers in the U.S. last year with an average purchase price of roughly US$834,000, and that domestic purchases could increase as interest down south wanes. 'When we think about how far can your dollar go in the U.S. versus buying a secondary and vacation property in Canada, that might be more affordable and more attractive,' said Lysenko. 'It would likely put more pressure on some of these vacation destinations, like Muskoka, like Whistler, maybe parts of Vancouver Island.' The Re/Max report also said there could be hope for a rebound in Canada's cottage country as Canadians divert U.S. travel plans, comparing the situation to the increased local tourism seen during the pandemic. But it said affordability will remain a key factor for potential buyers, with 57 per cent of survey respondents identifying it as a must-have. 'It really is largely based on disposable income,' said Kottick. This report by The Canadian Press was first published May 19, 2025.
Winnipeg Free Press
19-05-2025
- Business
- Winnipeg Free Press
Tariffs, economic uncertainty chilling cottage housing market, report says
The May long weekend marks the unofficial start of cottage season for many Canadians, but a new report says some looking to buy a vacation home of their own are holding back until economic tensions settle. The report by Re/Max Canada, which is based on a Leger survey it commissioned in March, said lower borrowing costs and improved affordability in the recreational market last year had prompted renewed interest among potential buyers. However, that's now being overshadowed by economic uncertainty that has chilled the national housing market in recent months in response to the ongoing U.S.-Canada trade war. According to the survey, 59 per cent of people whose housing options have been influenced by recent tariffs indicate they are less confident in the recreational market than they were in 2024. 'Market conditions really took a hit when they started having these trade discussions,' said Re/Max Canada president Don Kottick in an interview. But he didn't rule out a quick turnaround, saying the market could open up rapidly if Canada reaches a new trade deal with its southern neighbour. 'I think the underlying desire is there. The general consensus is that desire is not going to go away,' he said of interest in the secondary home market. 'Recreational buyers are temporarily on the sidelines as they await for further clarity or signs of economic stability.' While unit sales aren't expected to decline year-over-year in the majority of Canada's recreational markets, activity is forecast to range from flat to a 10 per cent increase. Re/Max brokers and agents anticipate a national average price increase of about 1.8 per cent across the Canadian recreational market in 2025, according to the report. Among Canadians less confident in the housing market than they were in 2024, 19 per cent said due to the tariff threats, they are holding off on buying or selling until there is further clarity. In Ontario, the market is 'more or less paused,' said the report, as both buyers and sellers keep an eye on employment and other economic indicators. Year-over-year prices in the Ontario cottage market have declined across half of all regions analyzed, with declines ranging from about one to 20 per cent, including Niagara-on-the-Lake, Peterborough County, Northwestern Ontario, Orillia, and Grand Bend, largely due to increases in inventory. The remaining 50 per cent of Ontario cottage markets have seen prices increase, reflective of tight inventory levels in Simcoe County, Kawartha Lakes, Greater Sudbury, and Prince Edward County. The average price in B.C.'s recreational market is expected to rise 1.1 per cent in 2025, according to the report, thanks to balanced market conditions. 'I think we can assume that Canadians are being a little bit more cautious,' said Carrie Lysenko, CEO of online real estate brokerage Zoocasa. 'We are seeing a lot of fluctuations.' But Lysenko said some popular cottage destinations, such as Ontario's Muskoka region, are more 'immune' to fluctuations in overall economic and real estate trends because they benefit from a 'different profile of buyer.' 'Muskoka is known as the Hamptons of the north. Desirability is so high to have properties in those areas,' she said. 'These are not first-time home buyers. These are higher net-worth individuals that are looking for secondary or tertiary properties, investment properties that they potentially are going to either enjoy for themselves or rent out.' She said there could be reason for optimism that other secondary markets in Canada will pick up too. An analysis earlier this month by Zoocasa said tariffs are prompting Canadians to pull back from U.S. real estate, including secondary homes in warm resort and vacation markets. It said Canadians made up the largest share of foreign buyers in the U.S. last year with an average purchase price of roughly US$834,000, and that domestic purchases could increase as interest down south wanes. 'When we think about how far can your dollar go in the U.S. versus buying a secondary and vacation property in Canada, that might be more affordable and more attractive,' said Lysenko. 'It would likely put more pressure on some of these vacation destinations, like Muskoka, like Whistler, maybe parts of Vancouver Island.' The Re/Max report also said there could be hope for a rebound in Canada's cottage country as Canadians divert U.S. travel plans, comparing the situation to the increased local tourism seen during the pandemic. But it said affordability will remain a key factor for potential buyers, with 57 per cent of survey respondents identifying it as a must-have. 'It really is largely based on disposable income,' said Kottick. This report by The Canadian Press was first published May 19, 2025.
