Kitchen Table Real Estate:
Sioux Lookout vacation properties see spike in demand
Like many other places in Canada, Sioux Lookout has seen its summer camp market sell quicker than usually since the start of the pandemic.
Normally home/camp on and off the grid would take years to sell and when they do; they sell for way less than the asking price. But now those properties are selling very quickly.
I listed a lakefront summer camp thinking, ‘Okay. Well this may take some time to sell.’ But shortly after listing the property, I started receiving daily inquiries. Before long I had three offers, all above the asking price.
All across Canada, it appears that vacation homes are now becoming a hot sector. Canadians are looking for alternatives for vacation destinations while travel is not an option.
People who are not in a second home or summer camp are now saying, ‘Hey, let’s get a summer camp. It will give us a place to go’. Some people are looking for an alternative place to work from besides their home.
While demand has risen across Canada, prices have yet to climb to catch up with the market. So if you are looking to buy, you should explore your options quickly.
Because summer camps are hard to find, those unfamiliar with the area should look for a realtor who knows the region well. Also a good realtor with local knowledge can help you deal with well, lake water intake, sceptic fields, holding thanks, lakeshore rights, docks, etc.
Contrary to a house in the city, prospective buyers, when buying a summer camp, should budget for repairs and winter roofing expenses which can run in the thousands of dollars.
While the costs of owning vacation property go far beyond a home's sale price, first-time buyers shouldn't be intimidated. Go into the process with eyes wide open, do your research, and ask your realtor as many questions as possible. The more you know about a home, the better.