Amid tariff threats, Canadians are likely to hold off on buying or selling properties, especially in Ontario’s cottage market.
A report released today by REMAX cited that 19 per cent of surveyed Canadians are halting any plans concerning property assets amidst economic uncertainty.
This attitude has trickled down to the recreational market, as the same number (19 per cent) indicated that while they were once considering selling or investing in a cottage, they will likely now make no moves until the market settles.
Concerning Ontario, one of Canada’s cottage economies, buyers and sellers are cautiously positioning themselves over the next six to 12 months.
According to REMAX, home prices have steeply declined by 50 per cent in recreational markets across the province on a year-by-year basis, with areas like Niagara-on-the-Lake, Peterborough County, Northwestern Ontario, Orillia, and Grand Bend being hit the hardest.
As for why, research shows that it narrows …