Average sale prices plummeted from five to 60 per cent in the first quarter of this year compared with last, according to the annual cottage trends report from Re/Max Canada. Kenora and Lake-of-the-Woods, Peterborough and the Kawarthas, and Haliburton saw the largest year-over-year drops.
Many GTA residents had borrowed from home equity lines to buy cottages which they rented on Airbnb as a business. With economic slowdown, cottage rental business has dried up fast with many cottage owners sitting with empty cottages.
