RESOURCES

Our law firm has a large presence in the vast “cottage country” in Ontario. For decades we have been actively retained for the purchase, sale and refinance of cottage properties all over the Province. As such we have a deep-rooted understanding about the uniqueness of cottage properties both from a lifestyle point of view and from a transactional point of view.

Cottage life is special. It is all about escapism, sharing quality times with family and friends, and connecting with nature in some of the most jaw droppingly beautiful places on our planet.

Just like all real estate markets there are hot market times and cold market times for cottage properties. During the pandemic years many people re-evaluated their lifestyles to include cottage properties. Some people were simply longing for more outdoor spaces that they didn’t have in their urban homes, so they sought out cottage properties as secondary properties. Some people made the more extreme lifestyle change by choosing to live at their cottages and work from there as well. As a result, the cottage market was extremely hot during the pandemic years and early post-pandemic years where high demand resulted in a scarcity of properties and prices were driven up accordingly.

The pendulum has certainly swung the other way during our current economic climate. The demand has cooled off and the affordability for some has been a challenge with the post-pandemic inflation and interest rate increases. So, the prices of cottage properties have generally come down and there are great opportunities for those that can take advantage of them.

There are many differences between the purchase of urban properties and cottage properties that must be considered including, but not limited to road access and maintenance, water potability, septic and sewage systems, underground fuel tanks, environmental matters, waterfront ownership, shore road allowances, rights of way and easements, permits for docks and boathouses, Crown rights and leases, Conservation Authority regulations, and Indigenous/First Nations Land Claims.

Many real estate lawyers refuse to act on cottage transactions because of all of these potential issues. Fortunately, we have the knowledge and experience at Kormans LLP to welcome these challenges. We look forward to the opportunity of assisting our clients acquire their cottage lifestyle dreams, and we can also play an integral role in dealing with generational and estate planning issues that invariably arise with respect to cottage properties. Please contact us at info@kormans.ca or call (905) 270-6660 to learn how we can assist.

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David H. Korman is the Managing Partner at Kormans LLP. His practice areas include residential and commercial real estate transactions, commercial leasing and private and institutional lending. You can reach David at dkorman@kormans.ca.

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