The rocket ship that is Canadian cottage real estate demand may finally be fizzling out. Throughout 2021, 2022, and 2023, the COVID-19 pandemic prompted double digit percentage increases in the median price of cottages across the country. But in 2025, Royal LePage is predicting a modest four per cent increase in the national median price of Canada’s recreational homes.
Last year, the national median price for a recreational single-family home in Canada was $627,700. This applies to waterfront properties in Canada’s cottage country, wooded cabins, and chalets and condos in ski areas. That number is expected to reach $652,808 in 2025, according to Royal LePage’s 2025 Spring Recreational Property Report.
“The pandemic-era scramble for recreational properties, once reminiscent of a modern-day gold rush, has thankfully eased—along with the chaos of bidding wars and thin inventories. Demand for recreational properties among Canadians, and the lifestyle they offer, remains strong but balanced. While the mainstream market is more sensitive to economic shifts, demand in the recreational segment remains steadfast, even during periods of market hesitation,” said Phil Soper, president and CEO of Royal LePage, in the report.
After a few years removed from the pandemic, the cottage market is returning to typical year-over-year price growth. Demand isn’t nearly as high as during the pandemic but limited supply is expected to keep cottage prices on the rise.
“New cottages and cabins aren’t being built fast enough to meet buyer demand, which will continue to support long-term price growth,” said Soper.
There is some hesitation from buyers, though. Several Royal LePage agents have seen buyers take a “wait-and-see approach” in light of the upcoming federal election and ongoing tensions with the U.S.
While this may be a safe tactic, the report indicates that now is a good time to buy. Price increases are slowing—in fact, the median price of a waterfront property dropped 3.6 per cent last year from $1,102,700 to $1,063,400. Interest rates are the lowest they’ve been in the past couple years with the Bank of Canada dropping its overnight lending rate seven consecutive times since June 2024. And 62 per cent of Royal LePage agents said that a cottage’s average days on market has increased slightly since last year. This gives buyers more time to weigh their options and means they’re less likely to get caught up in a bidding war.
The only question for buyers is where should they start looking?
Province-by-province breakdown
Atlantic Canada
At eight per cent, the east coast is expected to see the biggest increase, with the median price jumping from $461,900 in 2024 to $498,852 in 2025. In terms of waterfront properties, Charlotte County in New Brunswick had the highest median price at $600,000 last year, and central Newfoundland the lowest at $197,900.
Quebec
Quebec is forecasted to have the next highest price jump this year at 7.5 per cent, with the median price rising from $425,300 to $457,198. In terms of waterfront properties, the Memphremagog area had the highest median price last year at $870,000, while Antoine-Labelle had the lowest at $377,000. Notably, waterfront properties in the Collines-de-l’Outaouais area saw a seven per cent decrease in the median price from $505,400 to $470,000.
Manitoba and Saskatchewan
These two Prairie provinces were next with a 4.5 per cent forecasted increase—the median price rising from $296,700 to $310,052. In terms of waterfront properties, north central Saskatchewan, including Christopher Lake, Emma Lake, Candle Lake, Waskesiu Lake, and Elk Ridge, had the highest median price last year at $607,000. The lowest was Interlake at $370,500. Notably, the median prices in all three waterfront areas decreased last year.
Alberta
Alberta is expected to see a two per cent increase from $1,270,800 to $1,296,216. Although, this price forecast is skewed by Canmore, which saw a median price of $1,680,000 last year. In terms of waterfront properties, Wabamun Lake had the highest median price last year at $849,000, while Pigeon Lake had the lowest at $551,300.
British Columbia
B.C. is also forecasted to have a two per cent increase, jumping from $933,100 to $951,762. In terms of waterfront properties, central Okanagan saw the highest median price last year at $2,475,000, while central Vancouver Island and the Gulf Islands had the lowest at $307,500. Notably, the median prices in all waterfront areas decreased last year except in the Comox Valley, which increased by 1.6 per cent.
Ontario
Finally, Ontario is predicted to see the smallest increase at one per cent, with the median price jumping from $640,700 to $647,107. In terms of waterfront properties, Muskoka had the highest median price last year at $1,393,800, while the North Channel, up near Sault Ste. Marie, had the lowest at $419,000.
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