THUNDER BAY — If you're in the market for a lakeside retreat in the Thunder Bay region, you will likely find limited options this year.
Waterfront property listings for both year-round homes and seasonal use have plummeted, partly due to increasing demand.
"We are at historically low inventory," says Karen Hill, the president of the Thunder Bay Real Estate Board.
A recent Leger survey found that 11 per cent of Canadians were already searching for recreational property prior to the start of the COVID-19 pandemic, and that 15 per cent of Canadians who were not searching at the time are now looking.
A report from RE/MAX Canada describes Thunder Bay as a sellers' market, with low inventory and high demand.
"Not just Lake Superior but like One Island Lake and Hawkeye and Dog Lake, the year-round houses are in high demand right now. Higher-end homes are selling with multiple offers," Hill said, adding that other recreational properties are also getting multiple offers.
"People aren't able to travel. The last year, the campgrounds were closed down. It's made people frustrated and they're wanting to buy a cottage or recreational property of their own," she said.
According to Hill, demand is so high that last week there were only half a dozen listings between roughly Burchell Lake and the lakeshore east of Thunder Bay, compared with at least 30 in a normal year.
"There's nothing at Shebandowan, Lac des Mille Lacs, One Island, Trout Lake, nothing's coming up there at all," she said after conducting a search. "If something comes up, it's not lasting long. I had one competition back in April, and there were already five offers in on that, and it was freezing cold."
Prices have risen accordingly.
Hill said she has one client who's willing to consider anything between Ignace and Nipigon, but "there's nothing to show her."
She expects this trend will continue for the foreseeable future.
"People are looking for options for staying close to home if they can't travel. Making memories at a cottage is what they're talking about right now."
