Dhillon Murthi Law

Ontario cottage prices have crashed by five to 60 per cent — where will they go from here?

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.

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