Still, it's possible to find a waterfront cottage for under $200,000 that's within daily commuting distance of Ottawa for the breadwinner in the family. That's particularly true in West Quebec, I found in surveying the market for cottages near Ottawa.
For most people who can afford it, owning a cottage is about the lifestyle. "They're satisfying the Great Canadian Dream," says Pauline Aunger, a real estate agent based in Perth, who sells many cottages in the Rideau Lakes region.
"Entry-level properties typically range in the low $200,000s and properties are moving quickly. People are realizing that you can't play or have fun with your stocks, but investing in a summer home will always be a Canadian dream."
She says of the cottage market: "Activity has been great this year, with more interest in waterfront and entry-level properties compared with last year. Most people want to maintain a full-time residence in the city but still want an affordable seasonal cottage."
One way to sharply lower the cost of cottage ownership is to share with family or friends. "Families are investing in properties together to afford the increasing prices of cottages," the Royal LePage real estate chain reported recently after surveying the cottage market in the Kingston and Thousand Islands region. But sharing only appeals to a small minority, Royal LePage noted.
One great sharing opportunity came up recently on the Mississippi River in Lanark, east of Ottawa. The advertising blurb offered a "two-for-one" deal, with a pair of cottages for sale on 1.25 acres of land.
"Two cottages are being offered for $219,000. Both are in great condition. One cottage offers three bedrooms, one bathroom. The other, two bedrooms, one bathroom," the ad said. "Enjoy one and rent the other. Or perfect for large family getaways. One hour west of Ottawa."
The twin-cottage property sold for $213,000, a little below asking price.
Among other recent sales in eastern Ontario for under $200,000 was a three-bedroom waterfront cottage in Renfrew. The real estate blurb read: "Lovely cottage at a beautiful spot at the end of Anna Lake. Cross-country skiing nearby, or downhill at Calabogie ski hill. Groomed snowmobile trails close by. Fishing on Anna Lake or Centennial Lake, which is also close by."
The cottage was originally listed for $219,000. The asking price was then reduced to $209,000. The cottage sold in June for $190,000.
A three-bedroom cottage on the Rideau River near Manotick sold recently for $188,900, after being listed for $205,900. The ad said: "Easy drive and access for business commuters ... Comfortable, large cottage for entertaining ... Golden opportunity knocking."
Or how about this one for a 44-year-old, three-bedroom bungalow on the St. Lawrence River, less than one hour's drive from Ottawa: "Waterfront relaxation. A perfect weekend retreat, or stay year round. Ninety feet of frontage plus dock and a garage on a private road. Many updates in past five years ... Large deck only feet from the shoreline is perfect for morning coffee or catching up on the day's newspaper."
The property sold in June for almost $90,000 below the original asking price of $299,900. The buyer paid $210,000.
Another big drop in price was for a nearly new five-bedroom, three-bathroom bungalow on Purdy Lake near Killaloe, east of Ottawa. It was originally listed for $314,500, and sold in April for $250,000.
If you are thinking of buying your first summer cottage, real estate agent Ms. Aunger's advice is to get to know the area first.
It may be possible to buy a summer cottage in West Quebec for less than $100,000, if you don't mind something primitive. One was for sale recently on Lac Girard for $69,000. The ad said: "Quiet, beautiful lake, only 20 minutes to the city. The cottage is standing (barely) but the lot is wonderful, with excellent swimming, plus long views. Build your dream cottage here."
Another, on Lac des Loups, was for sale for $90,000. The ad said: "Enjoy the summer in this charming, three-season cottage, three bedrooms, situated on a magnificent flat lot. Rocky, deep waterfront on a small lake. Quiet spot, less than one hour to Ottawa-Gatineau."
Sounds good to me.
