Cost of cottage escape soars

TORONTO -- Dreams of cottage ownership are on the rise among Canadians even though strong demand is pushing prices up sharply and steep gasoline costs make driving to that sliver of get-away paradise more expensive, a new analysis finds.

Nationally, the average price of a standard waterfront property reachable by land has hit $427,589, a 13 per cent annual increase, according to the 2007 Royal LePage Recreational Property Report released yesterday.

"Demand for recreational property continues to far exceed supply across Canada, causing cottage prices to rise at a much quicker rate than the overall housing market," said Phil Soper, CEO of Royal LePage Real Estate Services.

Still, a national Maritz Research poll indicates more Canadians dream of owning a place away from it all than was the case last summer. Twelve per cent of those surveyed plan to buy a cottage in the next three years.

For those ready to take the dockside plunge, Atlantic Canada offers the most affordable recreational properties.

At an average price of $86,500, Newfoundland is positively bargain basement.

That is a far cry from Ontario or Quebec, where the desire to escape big city living has pushed typical rec property prices to the $500,000 mark. via London Free Press