Sales in Lakeland area ‘absolutely crazy’ according to area realtor

Local realtors are seeing unprecedented sales in the Lakeland area of Christopher Lake, Emma Lake, and Candle Lake.

Jesse Honch of Coldwell Banker Signature Real Estate believes there is a direct link to the COVID-19 pandemic.

“People felt stranded in their homes and so we’ve seen a big increase in sales up there for year-round properties– those second properties,” Honch said. “We’re hearing from the buyers up there that they want to have a second place to go if need be.”

Fuelling the sales are low-interest rates and the ability to purchase a second property with only five per cent down, as long as it’s a year-round home.

“We’ve seen quite a few lakefronts sold this year. I actually took one I had to the market and had an accepted offer within three days and that was an $850,000 lakefront property, year-round,” Honch said. “So, there’s definitely a massive amount of investment in the Lakeland area.”

The area has also seen a massive increase in lot sales compared to Prince Albert– probably four times more according to Honch.

“It’s not a reflection of a feasible building market. It’s more a reflection of people wanting to have that second location.”

Over the last seven years or so, properties under $300,000 have made up the majority of sales. This year, Honch said it’s the higher-end properties that are selling.

“I don’t think anyone expected it and it’s been absolutely crazy. The lake realtors, the ones that live in the Lakeland area, they can barely keep up. There is just non-stop activity up there.”

Historically, Honch said the premier properties have been owned by Albertans, but given the economic climate, many seem to be selling and the buyers are from Saskatoon more often than not.

“Some are thriving and have money to spend and some people need the money so they’re selling,” Honch said.

After a stall in the market when the pandemic was declared in March, there’s been a flurry of activity over the last 45 days. How long the real estate boom lasts in the Lakeland area remains to be seen.

“If you’re looking to sell your property at the lake, it’s definitely a good time to take it to the market because there are buyers now that haven’t been there in the last five years.”