Families and investors have more cash to buy a second home as a booming real estate market increases the value of their residences, according to the 2014 recreational property report published by Re/Max on Wednesday.
“The equity gains in urban center homes have led to increased demand in recreational properties,” Gurinder Sandhu, executive vice president of Ontario and Atlantic Canada for the firm [Re/Max], said by phone from Toronto Tuesday. “They’re leveraging that to purchase cottages. As a result, you’re seeing an increase in the number of cottages changing hands and a steady price increase.”
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