Buyers of vacation properties in Canada hesitate

A Re/Max Canada report suggest there are fewer purchases of vacation properties.

Potential buyers are following a wait-and-see approach by delaying decisions due to economic concerns.

This development highlights a tension in the secondary home market — and in the housing market in general: While lower borrowing costs are enticing buyers, the economic uncertainty of the Canada-U.S. trade war is holding back many.

However, Re/Max Canada President Don Kottick suggests a swift market recovery is possible if a new trade agreement is reached with the U.S.

Carrie Lysenko of online real estate brokerage Zoocasa shares this outlook she notes a potential optimism for Canada’s secondary home markets.

Canadians may shift away from U.S. real estate investments towards more affordable domestic options like Central Ontario’s Muskoka region or Vancouver Island, particularly given the current state of the Canadian dollar.