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Monday, August 18, 2008
Jude Buttle
Soaring demand for easily accessible country property is driving up prices to record levels...
No longer just the preserve of those looking to revert to a simpler life, the Canadian lakeside log cabin is enjoying a renaissance as more and more lifestyle buyers are opting for a clean-living existence.
From British Columbia in the West, to Quebec in the East, lake-front property is being snapped up by buyers looking for a change of pace, with those areas within a couple hours' drive of the major cities such as Toronto, Alberta, Montreal and Ottowa being those that are most sought after.
As well as the traditional buyers, who typically used such property as a summer residence, market movers include baby boomer retirees and much more affluent young professionals for whom a 2 hour commute is an acceptable sacrifice for a better way of life. For this latter group in particular, the change isn't a complete one. More and more of the buyers are demanding creature comforts such as fast internet access, high definition TV, modern kitchens and bathrooms, as well as all the public amenities you'd expect to find in a city.
This increased level of social infrastructure is leading to higher taxes being levied in many areas, while the limited supply of lakefront property, particular in easy to reach locations, is driving prices up to unprecedented levels. In the Muskokas area to the North of Toronto, prices can reach as much as £3.75million, an increase of more than 700 percent over a period of 5 years. No wonder that such communities are fast attracting the film stars, business moguls and sports celebrities for whom such prices are a guarantee of privacy and security, rather than something to make your eyes water.
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