Purchases of second homes in Canada have increased in recent years, with about one in 10 Canadians owning a second property. Although many more Canadians may dream of owning their own cottage, the costs and taxes associated with the purchase might deter them (even with a Bank of Canada rate cut).
For those who are still interested, to determine the best locations in Canada to buy and own a cottage, a website analyzed locations across the country, ranking them based on various metrics (like things to do, cottage costs, and days without rainfall).
The study found that Kenora, ON (about a 20-hour drive from Toronto) is the best location to buy a cottage in Canada, as well as the cheapest of all locations analyzed, with an average property price of $304,900, a minimum down payment of $15,245, monthly utility costs of $201, and 333 days with no rainfall.
“Nestled along the shores of Lake of the Woods, which boasts over 14,000 islands and 105,000 km of shoreline, Kenora provides endless opportunities for water sports, fishing, boating, and relaxing on the beach,” the study researchers noted.
The second-best location for a cottage in Canada is Sylvan Lake, Alberta, with an average property price of $394,900, a minimum down payment of $19,745, and 327 days with no rainfall.
The area is a great destination for those who want to be situated close to the water, spend their summer enjoying sandy beaches, and play a round of golf. It’s also more affordable compared to other Alberta vacation destinations, like Canmore and Banff, where the average house prices are over $1 million.
Ranking third is St. Andrews, New Brunswick. The area is perfect for a cottage as it’s situated on the breathtaking shores of the Bay of Fundy, so vacationers can enjoy whale watching, kayaking, and exploring coastal walks and tidal pools. Cottages here have an average property price of $557,466, a minimum down payment of $30,747, monthly utility costs of $164, and the area typically runs 327 days without rainfall.
Rounding out the top five are Prince Edward County, ON, and Cavendish, PEI. Prince Edward County (with an average property price of $719,966 and a minimum down payment of $46,997) is only about a 2.5 drive from Toronto and is quickly becoming the place to go for Torontonians looking to get out of the city, with many wineries, incredible restaurants, and quaint coffee shops popping up in the last few years.
Meanwhile, Cavendish (with an average property price of $360,000 and a minimum down payment of $18,000) offers beautiful views, including white sand beaches, red sandstone cliffs, and the iconic Green Gables Heritage Place.
Rounding out the top 10 are Rideau Lakes, ON, Sun Peaks, BC, Okanagan Lake, BC, Barry’s Bay, ON, and—of course—Muskoka, ON, which is about a 2.5 drive from Toronto and has an average property price of $998,000, a minimum down payment of $74,800, monthly utility costs of $260, and 319 days with no rainfall.
Whistler, Tofino, and Banff are the most expensive destinations to purchase a vacation home, with the average price exceeding $1.4 million!
If buying a cottage still isn’t your thing, for $750 a night, you can rent Doug Ford’s old family cottage on Airbnb.