A drive around the Saint-Sauveur region in the lower Laurentians of Montreal is a strong reminder that recreational homes or cottages for sale are hard to find.
The coronavirus pandemic has fueled a seller’s market with low inventory and high demand.
Royal LePage estimates home values for cottages will increase by 15 per cent this year, and that the majority of homes will sell above the asking price.
Broker Éric Léger of Royal LePage says he’s never seen such a hot market in the 37 years he’s been in the business.
“I started last year with a high inventory of properties coming into the pandemic. We sold everything,” Léger told Global News.
Michael Lefson, living in the suburbs of Montreal, purchased a cottage last summer but only after seeing one cottage after another sell before he could even place an offer.
Lefson had to pay slightly more than asking price when he finally bought the home but he considers himself fortunate.
“I can’t describe how lucky we are. We got a property we love. My wife loves it, my kids love it,” Lefson told Global News.
Léger projects the market will eventually slow down as more Quebecers become vaccinated against COVID-19 and some return to work in person but, he says, there won’t be a crash.
“Everything will come back to normal within a certain time frame. We don’t know when but I think it’s going to slow down,” Léger said.
For now — it remain a strong sellers market and perspective buyers will have to be patient if they hope to get a deal on their home away from home.