Weekends feel like vacations with resort ownership
Condos are the new cottage.
For Peter Gorin and his family, every weekend feels like a vacation. Within an hour of hitting the road, they’re at their luxurious townhouse at Friday Harbour Resort. In the summer, they take advantage of their private boat slip to explore Lake Simcoe, and enjoy snow- covered nature trails and a skating rink in the winter.
“It’s our time to do things together and to just hang out. That was our plan all along — to escape,” says the Richmond Hill resident. He enjoys being on the water but admits cottage ownership and associated maintenance just isn’t for him. “The Friday Harbour lifestyle really appealed to me. I fell in love with it.”
A real estate investor, he was an early purchaser at the Geranium Homes project. After getting married and having two children, he decided to purchase a townhouse and rent the condo. He and a business partner are even putting the finishing touches on plans to open a candy and toy store on the resort’s boardwalk.
Interest in Friday Harbour condos and townhouses has grown significantly during the COVID-19 pandemic. “Some of this interest may be attributed to the pandemic and a desire to be in a less urban environment, afforded also by greater opportunities to work from remote locations,” says Geranium Homes executive vice- president Cheryl Shindruk.
One- and two- bedroom condominiums range in price from $384,900 to the mid-$ 700Ks. Three- and four- bedroom townhouses feature private boat slips and range in price from $ 1.65 to more than $ 2 million. “Purchasers love the fact that they can get to and from the resort within a short drive or GO train ride,” she reports.
“Some Friday Harbour homeowners are snowbirds who also own a home or timeshare unit elsewhere, like Florida, Mexico or Arizona,” Shindruk says. “For these owners, Friday Harbour may be their primary home, and they winter away and either rent out their unit or make it available for use by family and friends. As we build out, we expect there will be more homeowners who choose this arrangement.”
For many people, owning a vacation condo is more appealing than renting one. “There are a lot of reasons to buy versus rent, especially when the property doubles as an investment,” says Devon Daniell, director of business development for Kaitlin Corporation.
“It’s nice to find a place you’re comfortable at, know it’s always available to you, and then be able to make it your own and build many memories there over the years,” he adds. “When you compare condo vacation properties to the traditional cottage, a lot of people see the benefit of sharing in the maintenance of the property year- round. I think ultimately people want to spend more time enjoying their property than maintaining it.”
Kaitlin’s Bay Port Resort in Midland, on Georgian Bay’s southwestern shore, is billed as an exclusive resortstyle condo hotel complete with rental management opportunities. Condo hotels combine vacation homeownership with investment potential and are increasingly popular in today’s real estate market, the developer reports.
Kaitlin’s Loyalist Country Club Community just west of Kingston is home to detached bungalows and bungalow towns, and backs onto an 18- hole championship golf course. Kingsview on Balsam Lake, a four-season gated waterfront condominium community in Kawartha cottage country, features allseason cottages with private boat slips, a swim dock, natural sandbar and sandy shoreline. It’s nearly sold out.
Properties located within a 90- minute drive from the GTA appeal to today’s buyers, Daniell reports. Wish lists often include proximity to hospitals and recreation, fast and reliable internet, and a den or usable home office. Buyers also want property maintenance and roads cleared of snow for year-round access.
The interest in vacation condos is growing. “Some want to use it a few weeks a year and then rent it out when they’re not there to offset their carrying costs, and even make an annual return on their investment, in addition to any capital appreciation,” Daniell says. “Others have an eye on getting out of the city and spending as much time as possible there, especially since COVID has changed the way people can work from home.”
For many Canadians, of course, a cottage is the ultimate dream. “On the luxury real estate market, Muskoka is renowned as the ‘ Hamptons of the North’ and it remains one of the premier recreational destinations for the Canadian and global elite,” says Don Kottick, president and CEO of Sotheby’s International Realty Canada.
Waterfront properties with a boathouse are highly sought after, in part because of the potential for adding extra beds and living space.
“Many of these boathouses have three slips, and there is a trend towards filling in one of the boat slips, enclosing it with glass and using the space as a bar or living area right on the water’s edge,” he reports. “While waterfront properties are in high demand almost across the board, there are other in- demand communities that offer distinct character. As we head into the late fall and winter, we expect to see an uptick in demand for properties in Collingwood and the Blue Mountain ski region, with strong continued demand in Niagara-on-the-lake and Prince Edward County.”