Shuswap North Shore.....Hunting for a slice of Canadian Paradise

Dreaming of sitting on the deck of a cottage, soaking in the view and then going for a swim?

Prices may be skyrocketing as affluent baby boomers look for second homes to escape their busy lifestyles, but prospective buyers on a limited budget can still own a slice of Canadian paradise, two of the country's top real estate companies say.

Re/Max and Royal LePage said Atlantic Canada still offers the best bang for your buck, with more affordable waterfront properties. But there are also less expensive ones available in places such as Stack Lakes, B.C., and Lanark Highlands in Ontario.

"It's important for people to be patient if they're looking for that ideal property," said Elton Ash, regional director for Re/Max. "The property will be there for you. You just have to take the time to find it."

The priciest markets are in Alberta, British Columbia and Ontario. Recreational homes in Whistler, for example, start at $1.1-million. Similarly priced cottages can be found at Sylvan Lake, Alta., and Chester, N.S.

Mr. Ash said the baby boomer generation has had a "huge effect" on the market. They are buying second homes not only for themselves, but also for their children.

Phil Soper, chief executive officer of Royal LePage, said that in the company's last recreational report, it found there were seven potential buyers for every two properties available.

Before buying a cottage, Mr. Soper recommends vacationing in the area to get a feel for it.

"This is an investment that people will live with for many years," he said. Still, he says the demand for waterfront recreational properties is not slowing.

"It's a convergence of buyers all looking for the same very limited property," Mr. Soper said. "We have boomers looking for that property or upgrade. We have young families with disposal incomes looking for recreational property. And you even have retirees looking for the property.

"It's a lot of different buyer classes all converging on a very small number of listings."

(prepared by Caroline Alfonso/Globe & Mail)

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The hot and the hidden

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"Hidden gem" areas where waterfront cottage properties can be found for $250,000 or less.

BRITISH COLUMBIA: Stack Lakes

ALBERTA: Lac Ste. Anne

SASKATCHEWAN: Echo Lake

ONTARIO: Lac Lu; Honey Harbour; Lanark Highlands

QUEBEC: Lake Selby

NOVA SCOTIA: Molega Lake Area

PRINCE EDWARD ISLAND: North Rustico

NEWFOUNDLAND AND LABRADOR: George's Lake

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Areas with waterfront cottages for $250,000 or less

1. GEORGE'S LAKE, NFLD.

Price: $75,000 to $90,000

The lake, located in the western part of Newfoundland and a 20-minute drive from Corner Brook, has 50-year-old waterfront cottages. George's Lake is known for its salmon fishing and wilderness access.

2. MOLEGA LAKE AREA, N.S.

Price: $120,000 to $140,000

A 90-minute drive from Halifax, Molega Lake is the largest among a number of lakes. You can find a two-bedroom waterfront cottage sitting on an acre of land in this price range. A newer year-round residence on the same lake starts at $225,000.

3. NORTH RUSTICO, PEI

Price: $200,000

About 25 minutes from Charlottetown, North Rustico offers two-bedroom cottages on 50 metres of waterfront.

4. LAKE SELBY, QUE.

Price: $250,000

In the Eastern Townships, an hour's drive from Montreal, Lake Selby is an ecological lake that does not permit use of large motorized water vehicles. You can buy a 100-square-metre cottage with 30 metres of waterfront.

5. LANARK HIGHLANDS, ONT.

Price: $150,000 to $250,000

For the price, you can find a standard cottage in Lanark Highlands in the Rideau Lakes area, with a lot size of 30 x 50 metres with 30 metres of waterfront. The area is an hour from Ottawa.

6. HONEY HARBOUR, ONT.

Price: $250,000

The most affordable cottages feature 30 metres of waterfront, are quite rustic and are non-winterized. These island properties offer more privacy and are just an hour and a half from Toronto.

7. LAC LU, ONT., NEAR MANITOBA

Price: $250,000 or less

Lac Lu combines three lakes: Sandy Lake, Louise Lake and Lake LuLu. A seasonal cottage on one to two acres, with 30 to 80 metres of water frontage sells for this price. A year-round waterfront cottage sells from $200,000 to $250,000. Lac Lu is a two-hour drive from Winnipeg.

8. ECHO LAKE, SASK.

Price: $250,000

Neighbouring the small town of Fort Qu'Appelle and a 45-minute commute from Regina, Echo Lake offers year-round waterfront properties priced from $250,000. Lot sizes are approximately 15 x 55 metres and properties are in the 120-square-metre range.

9. LAC STE. ANNE, ALTA.

Price: $250,000

A 45-minute drive west of Edmonton, Lac Ste. Anne offers a standard 100-square-metre year-round cottage, built in the 1970s.

10. STACK LAKES, B.C.

Price: $200,000 to $250,000

Located in the Bridge Lake area, the Stack Lakes offer cottage seekers year-round recreational properties. Though smaller lakes, boating is still permitted.

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Hot spots for those with unlimited budgets

BRITISH COLUMBIA: Green Lake; Okanagan Lake

ALBERTA: Sylvan Lake

SASKATCHEWAN: Last Mountain Lake

ONTARIO: Clearwater Bay; Moore Point; Rideau Lakes

QUEBEC: Lake Memphremagog; Lake Brome; Lake Champlain

NOVA SCOTIA: Chester

PRINCE EDWARD ISLAND: Park Corner

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Cottage hot spots for unlimited budgets

1. CHESTER, N.S.

Price: Up to $1.5-million

A half-hour drive from Halifax, Chester is on Millet Lake, where a selection of properties in a range of prices can be found.

2. PARK CORNER, PEI

Price: Up to $500,000

About 35 minutes outside of Charlottetown, Park Corner is known for its white, sandy beaches and ocean views.

3. LAKE MEMPHREMAGOG, LAKE BROME, LAKE CHAMPLAIN, QUE.

Price: Up to $1.5-million

Located within an hour of Montreal, properties are priced high because the lakes are large and can accommodate boating and water sports. Also, the area is close to skiing, golfing and the U.S. border.

4. RIDEAU LAKES, ONT.

Price: $350,000 to $450,000

For this price, a cottage seeker can buy a seasonal cottage on a half-acre lot with water frontage of more than 30 metres.

5. MOORE POINT, ONT.

Price: Up to $3-million

Located between Port Severn and Honey Harbour, Moore Point is similar to a small village. There are 50 luxury cottages on a piece of land that stretches onto Georgian Bay. Lots are large with typically more than 60 metres of waterfront on at least an acre of land. The privacy of the area attracts many.

6. CLEARWATER BAY, ONT.

Price: From $1-million

Located in the Lake of Woods, Clearwater Bay's pristine water is a great lure. For $1-million and up, buyers can get a 300-square-metre timber-frame home on about 100 metres of waterfront.

7. LAST MOUNTAIN LAKE, SASK.

Price: Up to $750,000

Located in southern Saskatchewan, Last Mountain Lake is ideal for those who wish to be dockside within half an hour of Regina. About $750,000 can buy a 280-square-metre walkout cottage with 75 metres of waterfront.

8. SYLVAN LAKE, ALTA.

Price: From $1-million

This clean lake is great for boating and swimming and an hour and a half commute to both Edmonton and Calgary. A rustic cottage on a 15 x 25-metre lot ranges from $1.2- to $1.5-million.

9. OKANAGAN LAKE, B.C.

Price: Up to $5-million

A small waterfront condo of about 90 square metres can start at $500,000, while the more typical year-round waterfront properties sell from $1-million and up.

10. GREEN LAKE, B.C.

Price: Up to $1-million

One of the larger lakes in the area, Green Lake offers cottage seekers convenient accessibility to parklands, fishing and sandy beaches.

(Source: Royal LePage)

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