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Sask. cottages a hot commodity Baby boomers look for lakefront property Kenyon Wallace, The StarPhoenix Published: Friday, May 04, 2007 Rich Alberta baby boomers and huge inheritance payouts are largely to blame for a cottage buying frenzy that's pushing prices as high as $800,000 north of Saskatoon. Cottage prices on Emma Lake, Shell Lake, Candle Lake, Christopher Lake and Turtle Lake have been steadily increasing during the past two years, says Realtor Larry G. Stewart, owner of the Prince Albert Re/Max office. "Lakefront lot values start between $100,000 to $150,000, and these don't even have cottages," says Stewart. "In fact, a lot of properties sold out of our Prince Albert office are going in the $400,000 to $500,000 range." Stewart says he gets at least one call a day from people in Edmonton and Calgary looking to purchase waterfront property in Saskatchewan -- and for many of them, money is no object. "They have unlimited funds from oil and gas and inheritances, and they aren't just calling Realtors," Stewart says. "They're actually going up to the lakes and knocking on people's doors asking if they want to sell their cottages for crazy prices." And the traditional definition of cottage is changing. Rustic log cabins without running water or electricity have made way for huge brick homes with big-screen TVs and swimming pools. One 3,200-square-foot "cottage" on Emma Lake boasts three bedrooms, an ensuite bath and lakefront views from every room. The price tag? Try a cool $799,900. The record for most expensive property on Emma Lake was set last year, when a cottage sold for $712,000. The transition of cottages from seasonal recreational properties to year-round homes is also the result of baby boomers thinking ahead to their retirement, says Elton Ash, a FORMer Saskatoon Realtor and now regional executive vice-president for Re/Max Western Canada. Some baby boomers are even buying properties for their kids. "A lot of boomers are starting to think, 'Why should I wait until I die for my kids to inherit my money? Why don't I give some money away now so I get the benefit of being with my grandchildren and my kids get the benefit of owning a cottage?' " Ash says. "And a lot of boomers can afford it." Prince Albert resident Wendy Olde and her husband, Steve, recently bought a cottage on Christopher Lake. She's glad they bought when they did. "The prices are going through the roof. There's only (so) much property available and if you don't get a cottage now, you might be excluded," says Olde. In the four short months since Olde and her husband bought their cottage, she guesses it's already gone up in value. "We bought it under the appraised value and now that we've fixed it up cosmetically and got a new furnace, it's definitely worth more than what we bought it for." Olde, a registered nurse, qualifies for early retirement in four years. She says she's looking forward to spending her days by the lake with her kids and, eventually, her grandchildren. She admits the cottage is not your typical rustic deep-woods getaway. "We went looking for a cottage and ended up with a three-bedroom house. It's got a fireplace and everything." But Duane Braaten, president of the Prince Albert real estate board, warns rising cottage prices mean not only rising property taxes, but also higher costs of municipal services such as gas, water and roads. "This could mean a fallout for people on fixed incomes who bought property before the big increases," Braaten says. "People need to remember that with growth comes higher costs." (萨省华人社区情况看该省中文网www.bigsask.com)
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