Bruce Peninsula Cottage Market Trends (2023)

The Bruce Peninsula cottage market is becoming a more balanced. Days on market is around four and a half months, compared to about two months at this time last year. The market during the first quarter of 2022 was off to a great start with buyers still clamouring to get into the market at the time – especially those who missed their opportunity in 2021, when overall inventory was still low.

Current conditions have shifted, but the year is off to a good start with a steady flow of buyers returning to the market to take advantage of cooler conditions, and room to negotiate at both sides of the offer table

Alongside cooling market conditions, average price declined 18.8 per cent year-over-year ($633,772 in Q1 2023 vs. $780,857 in Q1 2022). Unit sales have also shrunk back by 33 per cent, from 72 sales in Q1 2022, to 48 sales in Q1 2023.

Most buyers are local to the province, but not necessarily to the area, with many coming in from Toronto and the Greater Toronto Area, as well as London, Kitchener, Waterloo, Sarnia, Windsor and Cambridge. The proportion of buyers has shifted in favour of Gen X and Millennials versus Boomers, with younger families wanting to get into the market for the first time and hoping to become “future cottagers.” The region is also still seeing many buyers who want to escape the city for a more relaxed lifestyle, away from the hustle and bustle.

In seeking their ideal recreational property, buyers are most interested in good Wi-Fi access, waterfront locations and easy access to recreational activities. Many buyers are also interested in recreational properties to serve as a private getaway, with short-term rental potential when not in use.

Recent economic factors have not impacted the local recreational market, with buyers looking to invest in real estate and particularly in “cottage country.” Buyers understand that market conditions can change quickly, and “now” is always a good time to invest in real estate.

Looking forward, the average price in the Bruce Peninsula cottage market is expected to decline 11.5 per cent for the remainder of 2023.