Summary
From scenic lakes to towering mountains to small towns, Canada has no shortage of beautiful second-home destinations.
Canada is home to an abundance of natural wonders – from the glaciers and lakes of the Rocky Mountains to the rugged coastline of Nova Scotia, to the otherworldly landscapes of Ellesmere Island in remote Nunavut. Beyond the beautiful views, the country also offers a variety of memorable activities, including safaris and meaningful experiences focused on Indigenous communities. Moreover, while Canada is famous for its big cities, it boasts plenty of small towns set against picturesque scenery as well.
Similar to many places in the U.S., the market for vacation homes in Canada has exploded over the past two years. Some of the most popular properties include lakeside residences and condominiums in the country’s biggest winter resorts. Therefore, if you’re interested in real estate shopping, we rounded up the best destinations to invest in a second home in Canada.
1. Prince Edward County, Ontario
Located on scenic Lake Ontario, about a 2.5-hour drive from bustling Toronto, this idyllic destination attracts urbanites with its many wineries, vineyards, and craft breweries. With almost 500 miles of shoreline, Prince Edward County treats its visitors to sandy beaches and stunning views. It’s also home to the gorgeous Sandbanks Provincial Park, which shelters the world’s largest baymouth barrier dune formation and five white-sand beaches.
“Recently, people have begun setting up shop and purchasing residences and recreational properties in the area… Beaches throughout can be enjoyed in the summer months, while snowshoeing, cross-country skiing, ice fishing, and snowmobiling activities round out the winter months,” said Jake Prescott, sales representative for Tracy Arnett Realty, Luxury Portfolio International.
Prescott noted that the average home sale price in Prince Edward County in 2019 was $675,455 CAD, and in 2021, it “ballooned” to $843,975 CAD.
2. Muskoka Lakes, Ontario
Consistently rated as one of the best places to visit in Canada, the Muskoka area, located about a three-hour drive north of Toronto, is characterized by lush forests, picturesque towns, and scenic lakes that offer endless recreational possibilities. This destination is perfect year-round, with water sports in the summer, stunning autumn landscapes, and skiing and snowboarding in the winter.
A lakeside home here is a wise real estate investment. “Luxury cottagers love to stay on Lake Muskoka, Lake Joseph, Lake Rosseau, and Georgian Bay. There are many smaller lakes in the area for cottagers preferring tranquility and privacy,” explained Sara Languay, a broker with TrilliumWest, Luxury Portfolio International. She added that waterfront properties account for half of all sales in the region.
“In 2018, luxurious Muskoka cottages sold for approximately $5 to $6 million CAD. Today, those same properties are worth $8 to $12 million CAD, or more,” she mentioned. “Property values doubling in less than five years is par for the course in Ontario hot spots.”
3. Whistler, British Columbia
While many think of Whistler as the quintessential winter destination – after all, the town’s Olympic Park served as a venue for the 2010 Winter Olympics, and it has the largest skiable terrain in North America – this beautiful mountain resort north of Vancouver serves as a year-round getaway. With three golf courses, multiple lakes with sandy beaches, biking and hiking trails, beautiful waterfalls, and zip lining, Whistler is just as bustling in the summer months as during winter.
“2021 was the largest year to date for the Whistler market, with more than $1.5 billion CAD in real estate sold,” stated Wendi Warm, president and owner of The Whistler Real Estate Company Ltd., Luxury Portfolio International. “This represented a 35% increase from 2020, which was a record-breaking year itself.” She added that inventory levels reached a historic low in December 2021, with average transaction values continuing to rise.
Furthermore, Warm observed, “The majority of Whistler buyers originate from British Columbia’s lower mainland, but there is a strong contingent from the U.S. and East Asia, along with a growing population of Ontario-based buyers.”
4. Canmore, Alberta
Set against the towering, snow-covered peaks of the Canadian Rockies, Canmore serves as an ideal home base near the country’s most-visited national park – Banff, renowned for its picturesque glacier lakes, hot springs, and breathtaking scenery. Located just over an hour west of Calgary – which is home to an international airport that services numerous direct flights from major U.S. destinations – this charming mountain town sits on land that belongs to the Métis Nation of Alberta.
“Top neighborhoods in the area include Spring Creek Mountain Village, South Canmore, and Silvertip Resort,” mentioned Jonas Gordon, an agent with Cir Realty, Luxury Portfolio International, pointing out that the town’s strong community spirit is another reason to consider making Canmore your second home.
5. Kelowna, British Columbia
With more than 40 wineries, the city on the eastern shore of Okanagan Lake – known as the “birthplace of winemaking in British Columbia” – is a paradise for wine lovers. The area’s five distinct wine trails, unique culinary experiences, and breathtaking vineyard views are major attractions. However, those seeking a more active experience have plenty to look forward to as well.
Biking and hiking trails – including the beautiful Myra Canyon Trestles – endless water activities, and 19 golf courses are sure to satisfy any adventurer.
“The charm of the area lies in the many hidden communities surrounding Okanagan Lake. From McKinley Beach with new homes offering private dock access to the vibrant atmosphere of Okanagan Landing and the charming Lake Country, as well as Peachland and Summerland with their excellent community vibes, luxury lake-access homes can be found in every cove,” explained Sarah Johnston, an agent with Cir Realty, Luxury Portfolio International. She noted that luxury properties in the Okanagan Valley frequently command a price tag exceeding $6 million CAD.
6. South Bruce Peninsula, Ontario
The beautiful lake and lighthouse views that await travelers in South Bruce Peninsula are among the reasons why this stunning corner of Ontario has been a sought-after vacation destination since the 1800s. Its quaint towns, scenic beachside boardwalks, sandy beaches, campsites, golf courses, and multiple marinas transform the area into the ideal family retreat.
“Compared to other parts of Ontario, the southern Bruce County residential real estate market remains more affordable,” stated Julie Halford, a realtor with TrilliumWest, Luxury Portfolio International. “The towns of Kincardine, Port Elgin, Southampton, and Sauble Beach offer a variety of real estate options. Buyers can currently expect to pay at least $500,000 CAD for entry-level in-town properties, including apartment-style and townhome condominiums.” If you’re interested in luxury waterfront homes, however, anticipate a price of at least $2 million CAD, according to Halford.
7. Sun Peaks, British Columbia
Winter sports enthusiasts have certainly heard of Sun Peaks. With 4,300 acres of skiable terrain, it stands as one of Canada’s prime – and less crowded – ski destinations. The ski-in, ski-out village is lively, featuring charming restaurants, cafes, and shops. Additionally, it is nestled among three scenic mountains and close to numerous lakes, making it an ideal year-round destination.
“Sun Peaks has initiated a development plan for the resort, focusing on tourist accommodations. There is considerable confidence in Sun Peaks for those seeking to invest in short-term rentals, live or work here, or plan for retirement,” expressed Gianpiero Furfaro, a realtor at Sotheby’s International Realty Canada. He mentioned that the most sought-after property types are two- and three-bedroom apartments, three- and four-bedroom townhomes, and preconstruction developments. As an illustration of the heated real estate market, Furfaro noted that Sold Altitude, a new development with 40 units, sold out in merely one day.
