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Cottage Life

Cottage Q&A: Should I buy a cottage during a recession?

Photo by YAKOBCHUK VIACHESLAV/Shutterstock

Predictions of a coming recession have been thrown around a lot lately. Most experts say  Canada will be hit in 2023. To many Canadians, though, the Bank of Canada’s aggressive interest rate hikes, record-high inflation, and the current cost of living crisis make the recession feel like it’s already here.

For potential buyers looking to wade into the cottage real estate market, talk of a recession could make you second guess your choice. What will this do to the market? Is it actually a good time to buy? Before you panic, take a read through our guide. We’ll break down everything you need to know about buying a cottage during a recession.

What is a recession?

Even economists have trouble pinning down exactly when a country slips into a recession. The rough definition is that a country has entered a recession when it experiences two consecutive quarters of negative GDP growth. GDP increases when a country has a strong, productive labour force. That’s why a recession is often marked by high levels of unemployment.

Currently, the economy is coming off a high from the COVID-19 pandemic. While certain industries did suffer, demand in many, such as the cottage real estate market, skyrocketed. Thanks to low-interest rates and high savings, people were looking to spend. That, however, resulted in a high inflation rate and increased interest rates. These two factors lead to another recession marker: low spend.

How would a recession impact cottage prices?

Where they stand now, cottage prices remain high, says Haliburton realtor Shirley Rule. “In August, in Haliburton, the prices were actually up from a year ago, quite a bit. Now, the number of properties for sale is down by 40 per cent, but the sale prices were up,” she says. “And September seems to be holding its own compared to last September.”

According to Royal LePage’s 2022 Recreational Property Report, the average price of a waterfront property in Canada is expected to increase by 13 per cent this year to $640,710. Rule adds that despite the drop in sales volume, she’s still seeing demand, with multiple offers being placed on well-priced cottages with appealing shorelines that don’t need too many renovations.

This is a good sign that the market isn’t collapsing. But it still needs to be taken into consideration that cottages are a discretionary purchase. If a recession hit, the financial strain would likely cause sales volume to drop further and leave properties sitting on the market for longer. If this happened, it’s possible prices would start dropping to ensure the properties continued to sell.

But Rule points out that, unlike homes, there are only so many waterfront properties available at a given time. The limited supply could prevent a significant price drop. “There’s always going to be people wanting them at some point,” she says.

What are the pros of buying a cottage during a recession?

The pandemic brought a sellers market to cottage country. Not being able to vacation abroad, people started buying cottages as a way to escape urban centres. This increase in demand limited the supply of cottages available, driving up prices. According to Royal LePage, in 2021, the average price of a waterfront property jumped by 21.5 per cent.

But as borders have reopened and the Bank of Canada continues to hike interest rates, affecting mortgages, cottage demand has slowed. Rule says the market is starting to balance out again between buyers and sellers. If a recession hit and demand slowed further, power could shift to the buyer.

With less competition and cottages sitting on the market for longer, it gives you more leverage as a buyer. You can negotiate on price and include conditions with the sale. During the pandemic, demand was so high that buyers risked losing the sale by adding conditions, such as a home inspection. “It’s starting to get back into that now where a lot of our sales are conditional,” Rule says.

Cottage Q&A: What does selling “as is” mean?

She also advises people to be smart with their timing. Look to buy in the fall, Rule says. People who don’t want to take care of a cottage over the winter are looking to offload the property, increasing supply. Plus, summer’s over, so not as many people are thinking about buying a cottage, limiting demand. If you’re set on buying a cottage during a recession, fall is a good time to snag a deal.

What are the cons of buying a cottage during a recession?

A recession does, unfortunately, come with cons. Despite having your heart set on buying a cottage, you could experience some form of financial instability, such as losing your job. This kind of instability makes money lenders, such as banks, nervous. They don’t want to risk you defaulting on payments.

That’s why Rule stresses that you need to be certain you’ll qualify for your mortgage before putting in an offer. “The banks will ask for an appraisal. If the appraisal comes in lower than what [you’re] paying for it, then there are going to be issues,” she says. If this happens, the bank is unlikely to loan you more than the appraised value.

Mortgages are also difficult to qualify for right now. Rule says that the high qualifying standards of the current mortgage stress test are a major factor in slowing down sales volume.

Typically, during a recession, the Bank of Canada will lower interest rates to help stimulate the economy, as it did at the beginning of the pandemic. But currently, we’re coming off of a 39-year high inflation rate and the bank’s policy interest rate is sitting at 3.25 per cent, the highest it’s been since 2008. This means you’ll qualify for a lower mortgage amount than you would have a year ago, and your monthly payments will be higher.

There’s a chance that if we enter a recession, the inflation rate may drop and the bank can once again lower interest rates, allowing buyers to get better deals. But as it stands, experts are predicting interest rates to continue going up in the short term.

Regardless of whether we do enter a recession, Rule predicts that the wheels of the cottage real estate market will continue to turn. “There are still buyers out there who are eager to get something,” she says. “But they’re also being very picky about what to get. They want to make sure they’re getting what they want. You can’t blame them.”

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Cottage Life

How to fully embrace the lake at your next cottage rental

A weekend at the lake is the perfect way to unwind with friends and family. But with a little planning, a long weekend at a Vrbo cottage rental can become the ultimate source of lifelong memories for everyone who joins you. So whether you’re sharing a rental with seasoned cottagers or lakefront rookies, these tips will ensure everyone gets the most out of their time at the lake.

Bring your own outdoor games

The ideal cottage rental will have a well-stocked games cupboard for rainy days, and you might find some pool noodles or a web-laden badminton set in the boathouse. But if you want to keep your crew happy outdoors, we recommend bringing some classic cottage games like ladder toss and corn hole. Even better, you can easily build those games yourself—they’re the perfect family DIY project.

Know your priorities

The perfect cottage experience is more than just barbecued steaks and drinks on the dock. It’s the little things you might not think about that can make or break the perfect family weekend. For instance, do you want to have the perfect view? That means you might end up at an elevated cottage with a precipitous walk down to the water. Do you crave privacy, or would you rather be nestled in an active cottage community? And what about swimming? Do you want to be able to jump off the dock, or are you bringing young kids who’d rather splash around in sandy shallows? Either way, you’ll be able to specify the perfect swimming experience for your family through Vrbo’s cottage-rental filters.

Focus on accessible water toys

Even if you have access to serious lake toys like personal watercraft or waterskis, skimming along the lake at high speeds isn’t everyone’s cup of tea. If you’re looking at rental options for a group at the lake, focus on more accessible water toys like tubes, kayaks, canoes, and standup paddleboards. That way, everyone will have a chance to dip their toes into the action.

Know what’s fair game

If you’re renting a cottage, it’s fun to zoom in on every photo and analyze the amenities. But just because it’s in the photo doesn’t mean you’ll have access to it. If you see an overturned canoe near the water, a paddleboat moored to the dock, or a pair of kayaks perched on the boathouse wall, be sure to ask your host-to-be if they’re fair game. Otherwise, you might find yourself at the lake without a paddle.

Sunrise or sunset?

Are you a sunrise person? Or are sunsets more your thing? You might love both, but unless you founded a Silicon Valley startup, a cottage that spans both sides of the lake might not be in the cards. That means you’ll have to choose whether you want the sun to rise or set over the water—and not everyone in your family might agree. Pro tip: if you love sunsets, a hillside cottage at the Eastern edge of a lake lets you walk down to the water and enjoy it even longer.

Don’t waste a minute

If you’re on a tight schedule back in the city, you might be tempted to spend your weekend at the cottage waking up when the sun is high and lazing your way through a leisurely breakfast. While that sounds like heaven, it can’t hold a candle to getting up before the kids and paddling around a silent lake with a travel mug of good coffee as the mist rolls off the water. Sure, the cottage is about doing things together, but sometimes it’s those quiet moments spent alone that make the “together” all the more meaningful.

Book well in advance

If you think searching for a summer rental the Monday before a long weekend is going to score you a coveted cottage, think again. By the time February rolls around, a lot of cottages are booked. So to find the best spot for creating family memories this season, start searching for week-long rentals well in advance. That said, if you’re behind the buzzer, you can still find great short-term rentals if you’re flexible with your schedule and willing to spend a shorter time at the lake.

Use a trusted source

With cottage-rental scams making waves in Canadian lakefront communities, it’s more important than ever to rent from a trusted source—which means that bigger is better. When you’re searching for the perfect cottage rental, stick with a trusted partner like Vrbo, which has an endless array of verified rentals in beautiful cottage communities throughout Canada.

Looking to make memories with your family at a cottage this season? Find a rental that’s perfect for you with the help of Vrbo.

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Cottage Life

How to get rid of carpenter ants at your cottage

If you’ve spotted carpenter ants inside your home or cottage recently, it might be a sign that there’s an infestation. Unfortunately, ants sighted during the winter months are likely nesting in your wall voids or hollow doors, so they’re not just temporary visitors from the garden. 

Besides being a nuisance, carpenter ants can also cause serious damage to your property. Here’s how you can get rid of this common pest and prevent future infestations. 

What are they?

In Canada, you’ll typically find black carpenter ants and red carpenter ants; both have dark brown or black bodies, but red carpenter ants have a reddish-brown thorax and head. Ranging from a quarter-inch to one inch long, they’re visibly larger than the average field or pavement ant. They have bent antennae and narrow waists, and reproductive carpenter ants are winged. 

What do they eat?

Unlike termites, carpenter ants don’t actually eat wood. But they will burrow into dead or damp wood to dig tunnels (also referred to as galleries) and nest, weakening structures and leaving telltale piles of sawdust in their wake. Carpenter ants are omnivores, and they’ll eat plant matter, a sugary aphid secretion called “honeydew,” insects, fruit, and any garbage or food that’s lying around. 

Where do they like to hide?

Carpenter ants are drawn to damp, damaged wood—outdoors, you may find them nesting in tree stumps, decaying trees, and logs. Wooden decks and fences are other common outdoor targets. 

Indoors, once they’ve found their way into your cottage, these ants will seek out wood that has been exposed to moisture, setting up a smaller “satellite” colony in your attic, walls, doors, and floors—signs of damaged woodwork and small sawdust-like piles can help you locate and identify a carpenter ant nest inside your property. 

What kind of damage can they cause?

Carpenter ants may bite you in self-defence, and none of us want an army of ants in our kitchen, but the biggest threat is that, over time, an indoor colony could cause serious damage to your cottage by tunneling through structural wood. 

How can you get rid of them?

To get rid of carpenter ants, start with a direct treatment. Raid Ant Roach & Earwig Insect Killer 2 is a spray that works on contact and can be used indoors. A bait system like Raid Max Double Control Ant Baits 2 can also help you address the infestation, and it’s an especially good choice if you can’t locate the nest. 

Once you’ve dealt with the indoor pests, address the outside parent colony and work to discourage new visitors. There are many ways that carpenter ants can get into your cottage, and it’s important to seal any holes or cracks in or around doors, windows, foundations, and exterior walls. Be careful when bringing firewood indoors, store log piles away from your outside walls, and cut back any tree branches that are touching your buildings. 

Finally, address any damp areas or water leaks inside your cottage, making sure you’re storing food in airtight containers and regularly cleaning up any crumbs or food sources that might attract ants.

 

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Cottage Life

Here’s what to do about the cluster flies at your cottage

One of the benefits of a winterized cottage—aside from warming up by a cozy fire after a winter hike—is the fact that you don’t have to worry about flying insects like mosquitos and deer flies. Unfortunately, cluster flies can be a year-round concern, especially if they’ve managed to enter your home or cottage in the fall through small openings and are now hibernating as unwanted guests in your walls, basements, and attic spaces.

These flies may be relatively harmless compared to biting insects and other pests, but they’re still pesky to have around. Here’s what to do if you’ve spotted a swarm of cluster flies indoors. 

What are they?

There are a number of common clustering flies that you may spot at the cottage, including cluster flies, face flies, and blow flies. Slower and a bit larger than house flies, cluster flies have overlapping wings when they rest, and they’re black and grey with tiny, yellow hairs.

In the spring and summer, these flies lay their eggs outdoors in soil and near earthworm burrows (that’s why cottagers and homeowners with grassy areas may spot more of these pests nearby). The larvae then find and parasitize earthworms before pupating in the soil and emerging as adult flies.

When temperatures start to drop, adult cluster flies will look for warmth and shelter by entering buildings through holes and cracks in exterior walls and around doors and windows. You can often spot them clustering indoors during the fall, winter, and early spring. 

What do they eat?

Unlike houseflies, adult cluster flies aren’t drawn to rotting or decaying food, and they won’t feed inside your cottage either. Instead, cluster flies eat things like flower nectar, fruits, and sap. So if you see them in your kitchen, that bunch of browning bananas isn’t the culprit. 

Where do they like to hide?

You don’t have to worry about adult cluster flies eating, breeding, or laying eggs inside your cottage. They’re just trying to spend the winter somewhere warm, which is why they nestle into walls, crawlspaces, and attics. And when the weather warms up in early spring—or in the winter, if your cottage is heated—they may emerge to gather in clusters near windows and ceilings, trying to get outdoors.  

Should you be worried about them?

Cluster flies are fairly harmless; they don’t bite or spread diseases, and they won’t damage your property. But they can definitely be a nuisance when they’re swarming around your rooms in large clusters, and crushed cluster flies will leave a distinctive buckwheat-like odour and markings on walls, carpets and fabrics that may be hard to remove. Finally, the appearance of dead flies in your cottage may attract other unwanted pests, like larder beetles. 

How can you get rid of them?

An aerosol spray like Raid Mosquito and Fly Killer 1 or Raid Max Flying Insect Killer 3 can eliminate a swarm of cluster flies in minutes with doors and windows closed. A vacuum cleaner or fly swatter can also work well, but keep in mind that squashing them might leave a residue or stain on your walls or other surfaces. 

Ward off future infestations by sealing or caulking all potential points of entry into your cottage: holes in screens, soffit vents, cracks in exterior walls and around doors, windows, and baseboards. Be thorough; these little insects can squeeze through the smallest of cracks and crevices.

Categories
Cottage Life

Here’s what to do about the cluster flies at your cottage

One of the benefits of a winterized cottage—aside from warming up by a cozy fire after a winter hike—is the fact that you don’t have to worry about flying insects like mosquitos and deer flies. Unfortunately, cluster flies can be a year-round concern, especially if they’ve managed to enter your home or cottage in the fall through small openings and are now hibernating as unwanted guests in your walls, basements, and attic spaces.

These flies may be relatively harmless compared to biting insects and other pests, but they’re still pesky to have around. Here’s what to do if you’ve spotted a swarm of cluster flies indoors. 

What are they?

There are a number of common clustering flies that you may spot at the cottage, including cluster flies, face flies, and blow flies. Slower and a bit larger than house flies, cluster flies have overlapping wings when they rest, and they’re black and grey with tiny, yellow hairs.

In the spring and summer, these flies lay their eggs outdoors in soil and near earthworm burrows (that’s why cottagers and homeowners with grassy areas may spot more of these pests nearby). The larvae then find and parasitize earthworms before pupating in the soil and emerging as adult flies.

When temperatures start to drop, adult cluster flies will look for warmth and shelter by entering buildings through holes and cracks in exterior walls and around doors and windows. You can often spot them clustering indoors during the fall, winter, and early spring. 

What do they eat?

Unlike houseflies, adult cluster flies aren’t drawn to rotting or decaying food, and they won’t feed inside your cottage either. Instead, cluster flies eat things like flower nectar, fruits, and sap. So if you see them in your kitchen, that bunch of browning bananas isn’t the culprit. 

Where do they like to hide?

You don’t have to worry about adult cluster flies eating, breeding, or laying eggs inside your cottage. They’re just trying to spend the winter somewhere warm, which is why they nestle into walls, crawlspaces, and attics. And when the weather warms up in early spring—or in the winter, if your cottage is heated—they may emerge to gather in clusters near windows and ceilings, trying to get outdoors.  

Should you be worried about them?

Cluster flies are fairly harmless; they don’t bite or spread diseases, and they won’t damage your property. But they can definitely be a nuisance when they’re swarming around your rooms in large clusters, and crushed cluster flies will leave a distinctive buckwheat-like odour and markings on walls, carpets and fabrics that may be hard to remove. Finally, the appearance of dead flies in your cottage may attract other unwanted pests, like larder beetles. 

How can you get rid of them?

An aerosol spray like Raid Mosquito and Fly Killer 1 or Raid Max Flying Insect Killer 3 can eliminate a swarm of cluster flies in minutes with doors and windows closed. A vacuum cleaner or fly swatter can also work well, but keep in mind that squashing them might leave a residue or stain on your walls or other surfaces. 

Ward off future infestations by sealing or caulking all potential points of entry into your cottage: holes in screens, soffit vents, cracks in exterior walls and around doors, windows, and baseboards. Be thorough; these little insects can squeeze through the smallest of cracks and crevices.

Categories
Cottage Life

How to deal with silverfish in your home or cottage

If you’ve ever been irked by tiny, silver bugs gliding across the floor in your home or cottage, you’ve encountered silverfish. These wingless, carrot-shaped insects get their name from the shiny, metallic scales that cover them, and while they’re generally harmless to humans, you definitely don’t want to have an infestation of them at your cottage.

Unfortunately, if you’ve spotted some of these quick critters on your floors, there are likely many more living under the baseboards, behind the walls, and in other damp hiding places. So to help you stop silverfish from becoming an issue, here’s what you should know about these common pests—and what you can do to get rid of silverfish for good. 

What are they?

Silverfish, or lepisma saccharina, are flat, silvery insects that are about 1 cm long and have two antennas and three “bristles” at the rear. They’re mostly nocturnal—you’ll likely see them on bathroom floors in the middle of the night—they don’t hibernate, and they can live up to eight years. They can also be tough pests to get rid of completely, as they are able to survive Canada’s extreme cold, and they can go without food for many months.

What do they eat?

Silverfish love starch and carbohydrates, and they’ll eat everything from old books to cardboard boxes—which is bad news for the box of romance novels you keep at your cottage. They will also munch on fabrics, wallpaper, cereal, flour, food crumbs, and dead insects. Experts recommend cleaning up infested areas as much as possible, removing their food sources by vacuuming thoroughly in the kitchen, and wiping down areas like bookcases and window frames. 

Where do they like to hide?

These little bugs are attracted to moisture and love damp, cool environments. If the conditions are right, they can hide under baseboards or in the subfloor, behind the frames of doors and windows, in bookcases, and on kitchen and closet shelves. At the cottage, you might find them in dark, damp storage areas like the attic and the garage, or near humid spaces like bathrooms and basements.

Are they dangerous?

Silverfish don’t transmit diseases or otherwise harm humans. But—besides being creepy crawlies—they can also cause damage to your property if left untreated. These insects can stain and destroy paper products, fabrics, and even wallpaper.   

How can you get rid of them?

Start with Raid® Home Insect Killer, which will work right away on contact. Then do a thorough cleaning of the infested area. In the kitchen, vacuum up any dust and food debris, and wipe down surfaces like closet shelves, baseboards, and door frames, where silverfish may hide. 

You’ll also want to make your property less enticing for these little critters. Remove any unnecessary clutter and paper products like cardboard boxes and old newspapers, and place items that silverfish might be attracted to, like flour and pasta, inside airtight storage containers. And finally, during the humid summer months, use a dehumidifier to help alleviate dampness and moisture in the space.

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Cottage Life

Here are the top things Canadian families are looking for in a cottage rental

These days, many families are booking vacations closer to home—especially at cabins or waterfront cottages. The right cottage rental can comfortably accommodate an entire family, and it often comes equipped with all the amenities and extras that make their stay fun and memorable. 

If you own a vacation home and are looking to make some bonus income, it can pay to know what amenities and features renters are looking for, so that you can be sure to add the right details to your Vrbo listing and make any needed improvements. A property that checks all (or most!) of the below boxes will get booked more quickly, and for a higher nightly rate. 

Here are the key features Canadian families are looking for in a vacation rental:  

A modern, charming property

Canadian renters on Vrbo are booking renovated cottages, chalets, and cabins that offer modern amenities like WIFI and air conditioning, but with a rustic twist. Things like check and plaid textiles, wood finishes, and stone fireplaces can create a cozy look that’s preferred for rural getaways. Charming décor and seasonally appropriate home accessories can go a long way in improving your rental’s overall appeal. 

Group-friendly spaces

Compared to hotels or resorts, vacation rentals can offer families ample privacy and more space. Everyone can have their own bedroom and/or bathroom, and features like bunk beds and parking for multiple cars can be a big draw. 

For big groups and extended family bookings, particularly sought-after amenities include a well-equipped kitchen for meal prep, and a dining area that’s big enough to seat everyone comfortably. So if you’re advertising a property that sleeps 10, make sure to have enough dining chairs and a table that can fit the whole group!

Popular seasonal amenities

In winter, renters are looking for seasonal amenities like outdoor hot tubs and indoor fireplaces. Looking ahead to the summer months, they may filter their search for properties with features like waterfront access, an outdoor grill, or a private swimming pool. The more amenities you can offer, the more likely your listing will show up in the search results. And by listing with Vrbo, you can ensure those amenities—whether it’s a hot tub or a king-size bed—are front-row centre through filters that help the right renters find you.  

Points of attractions nearby 

Based on popular search terms, in winter many Canadians want a rental close to a ski hill. Generally, your Vrbo listing should highlight any nearby points of interest and tourist attractions, seasonal and year-round. For example, is your cottage close to a provincial park or historical site? Or are there great hiking trails or a public skating rink within walking distance? Be sure this information is advertised in your listing. 

A convenient location

A convenient location is very important for would-be renters; for example, many prefer a vacation rental with a grocery store or food nearby. In your listing, do mention the property’s proximity to grocery stores, shops, and restaurants. Plus, you may want to indicate typical travel times to the cottage from major urban centres, especially if it’s close to a major highway or through route and can be accessed quickly and easily.

Thinking of listing renting out your cottage this season? Open your door to rental income by listing on Vrbo.