Living in Kingston, Frontenac, Lennox & Addington, and Gananoque means being surrounded by lakes, rivers, and canals. Around here, cottage life isn’t a fantasy—it’s part of the culture. Whether it’s a rustic cabin, a small three-season retreat, or something year-round, people love the idea of having their own spot by the water.
But the big question we hear all the time is: “Can I actually afford a cottage right now?”
During the height of the pandemic, the answer changed quickly. Cottages across Canada turned into hot commodities almost overnight. Prices jumped because demand was unlike anything we’d seen. Properties that used to be weekend getaways suddenly became full-time homes for people who were cleared to work remotely.
Families packed up condos in bigger cities and moved to areas like Muskoka, the Kawarthas, and Haliburton to buy cottages, chalets, and cabins. And yes—many of those buyers asked the same question you might be asking now: Why not live here all year long?
Now that offices are reopening and many employers are calling people back on-site, things are shifting again. Everyone—buyers, sellers, and industry experts—is watching to see what this means for those who traded urban living for lake life. At the same time, even with the broader real estate market slowing due to higher interest rates, prices across the country remain elevated. Inflation doesn’t cool quickly.
So where does that leave cottage buyers?
Cottage Prices Across Canada (Stats Provided)
Here’s a snapshot of cottage markets across the country, based on the data you provided:
Whistler, BC
• Average Residential Price: $1.87 million
• Annualized Change: +31.78%
• 2022 Price Forecast: 0%
Canmore, Alberta
• Average Residential Price: $877,678
• Annualized Change: +14.92%
• 2022 Price Forecast: +5%
Southern Georgian Bay, Ontario
• Average Residential Price: $1.1 million
• Annualized Change: +30.05%
• 2022 Price Forecast: 9%
Muskoka, Ontario
• Average Residential Price: $969,324
• Annualized Change: +11.22%
• 2022 Price Forecast: 18%
Rideau Lakes, Ontario
• Average Residential Price: $582,000
• Annualized Change: +23.04%
• 2022 Price Forecast: 8%
Summerside, Prince Edward Island
• Average Residential Price: $300,000
• Annualized Change: +20%
• 2022 Price Forecast: 5.5%
Across these recreational markets, despite rising interest rates and limited supply, average prices could still increase by as much as 20% for the rest of 2022.
According to Christopher Alexander, President of RE/MAX Canada:
“The level of activity we’re seeing in recreational markets across the country is a direct reflection of the stability and quality of life that these regions provide… Many recreational properties, whether as a primary or secondary residence, afford buyers the best of both worlds, compelling Canadians to settle in these areas for the long term. This is putting upward pressure on these markets.”
Will the Cottage Boom Slow Down?
That’s the big question heading into 2023. Rising mortgage rates and a softer economic outlook could change buying patterns for a while.
As Lisa Hannam, Executive Editor of MoneySense, explained to Cottage Life Magazine:
“We are currently in a seller’s market, so it does seem a little bleak if you’re trying to get into it… We have sellers who are holding on to the 2020 and 2021 prices, and then you have the buyers who are thinking about 2023, 2024 prices. So, you’re probably going to negotiate a lot more than you expected.”
In other words, cottage country has shifted from a frenzy into more of a chess match—buyers and sellers figuring out where they meet.
Are Cottages Still an Affordable Option?
Before the pandemic, cottages across Ontario, BC, and the Maritimes were often seen as the more accessible way to get into the market—or to add a second property for weekends and holidays. But with people moving in full-time, competition increased and prices rose quickly.
Now we’re seeing the first price softening in some parts of the Canadian market after nearly two years of nonstop growth. Whether those cooling trends will reach cottage country is still uncertain.
But here in southeastern Ontario—Kingston, L&A, Frontenac, Gananoque—we continue to see demand from buyers looking for cottage-style living without the Muskoka price tags.
So while national prices remain elevated, exploring local options can still be worthwhile. And if nothing else, you can still throw the kids in the car and enjoy a classic cottage-country weekend in places like the Kawarthas—no purchase required.