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Cottage country home prices are booming in parts of the country

Mont-Tremblant village in winter (Getty)
Mont-Tremblant village in winter (Getty)

If you thought big-city home price increases were out of control, wait till you get a load of how much some winter retreats are going for these days.

A supply-demand imbalance has lit a fire under getaways in Mont-Tremblant, Quebec. The median price for a single-family home is up 37 per cent to $583,500 from last year, according to Royal LePage. Condos are up by about the same, to $232,500.

“Inventory is very low in Mont-Tremblant. When a new property enters the market, buyers line up and offers flood in,” said Royal LePage’s Paul Dalbec, in a report.

“This supply shortage in the region has led to an increase in land sales as some buyers are choosing to build over buying a home as what they are looking for isn’t on the market.”

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Boomer driven boom in Ontario

Ontario is also getting more expensive. Royal LePage says early snow this season encouraged buyers to jump into the market sooner.

The median price of a single-family home in the Blue Mountain area is up 4 per cent to $780,000.

Even homes nearby are getting more expensive. The median price of a family home in Collingwood, east of Blue Mountain resort, is up 8.3 per cent to $525,000. Over the past year, 98 properties above $1 million changed hands.

“Demand remains strong among buyers who are purchasing retirement properties in Collingwood,” said Royal LePage’s Rick Crouch, in a report.

“They’re cashing out in the GTA and buying a similar-sized, or an even bigger property, to enjoy year-round activities and amenities in Collingwood.”

Head west for deals

It’s a different picture when you head west. Canmore, Alberta is down around 2 per cent for all property types because of a slowing economy. But the median single-family home is still $906,270.

The median price of a single-family home in Whistler, B.C. fell 13.8 per cent over the same period to $2,391,979. However, condo prices in the area are up 5.2 per cent to $844,227.

Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.

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