Cottage Marketplace: Annapolis Valley, the “eastern attraction”

Cottage Marketplace: Annapolis Valley, the “eastern attraction”

Surging price ranges, bidding wars, blind offers—the research for seasonal genuine estate has become a battlefield. Tales from 10 of Canada’s hottest getaway cities.

In the July issue of Maclean’s, and each and every 7 days in this article online, recent prospective buyers disclose what they had to do to receive the cottages of their goals: pool loved ones money, send family for viewings, hop on the first flight to Atlantic Canada publish-bubble, or acquire sight unseen, at times from 1000’s of kilometres away.

Annapolis Valley, Nova Scotia

Typical recreational home rate (2021): $313,500

The Market place: Nova Scotia’s Annapolis Valley—chockablock with Acadian tradition, wineries, whale sightings and extra wineries—has extensive been a terrific area to go to. What is new is how many out-of-province potential buyers are earning their summer time stays long lasting. The cost of waterfront leisure qualities enhanced by 70 for every cent between 2020 and 2021, no question a spillover from rigorous competitors in the province’s coveted household industry. Need for this idyllic space now much outweighs source: in April, the Nova Scotia Affiliation of Realtors documented the province’s amount of lively listings had achieved a a few-10 years minimal. On the cottage side, consumers are extra eager than at any time to spend a top quality for the few attributes that crop up.

The Customers: Dave Sheehan, a 60-calendar year-old video clip producer, and his wife, Kelly, a 60-yr-old educator for kids with distinctive desires.

Dave: Kelly and I have lived on Tupper Lake, close to Wolfville, Nova Scotia, for 22 several years. As soon as I retired, we started off on the lookout for a cottage home around the Minas Basin, which is about 30 minutes northeast of us. We desired a put that was shut to the salt water and had tons of place wherever our grandkids could enjoy.

Similar: Cottage Market: Invermere, the “best-kept secret”

We expended months buying all around the province until eventually our aspiration cottage arrived on the market in April of 2022. It experienced three bedrooms, lots of outside house with beach front accessibility and was shut to our prolonged household, all for an inquiring value of $200,000. It was shown on a Thursday, and people had 4 days to area features. The new solution to genuine estate here appears to be “quick to industry, no counter-provides.” Presented the shortage of stock all-around below, the sellers almost certainly figured that if someone wanted the cottage, they were being heading to place their best bid at the start out.

Far more: Cottage Field: Okanagan, “the million-greenback market”

We noticed the house that Saturday. We asked the real estate agent no matter whether $237,000 would do it, or even $246,000. He claimed, “If you have $250,000, set it down.” That sounded like a whole lot for a cottage, but we listened. On Sunday, we bid $250,000, 25 for every cent about inquiring, and on Monday, we turned cottage proprietors.

Hunting back again, I’m happy we place in a sturdy offer ideal away mainly because we did not cross the complete line by a massive margin. There ended up 8 other bidders, together with two that arrived in at $245,000. If this cottage had been on the current market 5 a long time ago, it almost certainly would have long gone for $130,000, and people would have bid beneath asking, but that doesn’t materialize any more. 

The benefit of cottages out in this article will just hold soaring. I moved from Halifax to the valley prior to large college, and tourism is booming in this article like under no circumstances in advance of. It is the stark opposite of what we have seen for the last 50 decades, when men and women would leave the Maritimes for more substantial towns. The aged saying went, “Head off down the road to make your dwelling.” Now people are cashing in their $1.5-million houses in Ontario to create or purchase in Nova Scotia for a portion of the price—and pocketing the leftovers. The influx is creating visitors concerns all-around the valley, typically in the region in between Wolfville and Kentville. I observed it all coming when COVID transpired. 

We could most likely get $340,000 for this cottage in a year’s time, but I really don’t assume we’ll market. I hope it’s a legacy house for our spouse and children. We like it so significantly we’re relocating in for part of the summertime. If you search out the entrance window when the tide will come in, you sense like you are on a boat. 

This post seems in print in the July 2022 problem of Maclean’s journal. Subscribe to the regular monthly print magazine here, or buy the issue online here. 

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