One thing we’ve all been wondering about is the state of the cottage market post-pandemic.
We’ve heard a wide range of takes, some say it’s crashing, others claim it’s holding steady.
Logic would suggest that after the rush to buy secondary homes in, and around, Montréal, during the pandemic, the market would cool off. With the end of lockdowns, the return of travel, and rising interest rates, demand for vacation properties should have dropped; along with demand: prices. Many believed that those who overbid during the frenzy would begin to feel the pressure in 2025.
Some of that is true, some of it isn’t; and, some of it is just plain surprising.
We will be diving into the activity for single family homes in both the Eastern Townships and Laurentians.
Volume of Sales: The Market Pulse
Tracking the number of sales gives us a direct measure of the market’s pulse. Regardless of price, when sales drop, it’s as if the heart of the market is slowing down, making it vulnerable to further changes. On the flip side, when sales rise, it shows resilience, and the capacity to absorb new inventory, and to adjust to interest rate changes.
We saw a drop in sales volume in 2023, largely due to the rise in rates. But, then something interesting happened: The market bounced back in 2024 & 2025.
Take the Eastern Townships as an example: In 2025 sales in the region are not only rebounding, they’re projected to nearly match the record levels of 2020, which saw around 5,300 sales. So far, in 2025, we’ve hit approximately 3,000 sales; and, we are on track for about 5,000 by year’s-end. This makes 2025 the second-best year of the past decade.
A similar story is unfolding in the Laurentians. While 2025 is projected to come in third, behind 2020 and 2021, the forecast is still impressive: 8,550 sales expected this year. Again, the same pattern applies: A dip in 2023, then a strong recovery.
Median Prices: A Different Curve
Now you might be asking: “Do sale prices follow the same curve?”
Not really.
Even though interest rates rose in 2023, median home prices in both the Eastern Townships, and the Laurentians, have continued to climb, reaching all-time highs in 2025. Even though 2023 was not the best year for median price increase, it did still increase. This is making it look more like a straight line on an upward trajectory.
Eastern Townships – Median Price Increases (Single-Family Homes):
| Year | % Increase from Previous Year |
| 2015 | – |
| 2016 | +1.77% |
| 2017 | +4.13% |
| 2018 | +4.62% |
| 2019 | +2.94% |
| 2020 | +16.67% |
| 2021 | +24.49% |
| 2022 | +16.39% |
| 2023 | +6.76% |
| 2024 | +10.55% |
| 2025 | +6.27% (so far) |
Laurentians – Median Price Increases:
| Year | % Increase from Previous Year |
| 2015 | – |
| 2016 | +1.32% |
| 2017 | +5.65% |
| 2018 | +2.88% |
| 2019 | +4.80% |
| 2020 | +19.85% |
| 2021 | +27.39% |
| 2022 | +16.25% |
| 2023 | +1.08% |
| 2024 | +6.38% |
| 2025 | +7.20% (so far) |
What’s Really Going On with the Secondary Home Market?
In short, sales volume dipped in 2023; but, this has rebounded significantly, in both the Eastern Townships and the Laurentians, in 2025.
Prices have shown steady appreciation, continuing to climb, regardless of rate hikes or market corrections.
That may seem counterintuitive, but here are a few key reasons why the expected downturn hasn’t happened (yet):
Possible Explanations
1. Delayed Mortgage Renewals
Many buyers locked in 5-year fixed rates during the pandemic. Those mortgages are just starting to come up for renewal in 2025 and 2026. The real financial strain may not have fully hit yet. Even if payments rise, many homeowners may choose to hold on to their properties. But, if the economy shifts, and/or or job losses were to occur, we could start to see more of these properties hitting the market.
2. High Construction Costs
The cost of new construction remains high. This keeps resale prices elevated, as buyers compare against the high cost of building, and find better value in existing homes.
3. Demographic Factors
If many of these properties were bought by young, financially stretched buyers, we might see issues at some point in the future. However, if most were purchased by boomers nearing retirement, these owners are likely in stronger financial positions, and may ride out rising costs without feeling the need to sell.
Final Thoughts
So far, the secondary home markets in both the Eastern Townships, and in the Laurentians, have proven to be resilient. Prices are up, sales are rising again, and there’s no widespread correction in sight.
That said: We’ll keep our eyes focused closely on the market, especially as mortgage renewals increase, and economic conditions evolve. And; as always, we’ll keep you fully informed along the way.