Where Can I Afford a Cottage in Canada?

As Canadians we know the big three cities - Toronto, Vancouver and Montreal - aren't the most affordable places to live, with Vancouver taking the top spot as having the highest cost of living of all the Canadian cities. And waterfront homes in urban centres fetch ridiculous amounts - take this recent sale of an $8 million cottage-like home in Toronto's Beach neighbourhood.

So when we want to escape to the cottage, cabin or summer house, where to go?

Regions close to these cities, places like the Okanagan, Muskokas and Laurentians aren't the place to find a budget summer spot for most of us.

Those who want a cottage or cabin may need to rethink the ultimate destination. So where to focus to find the summer home bargain of our dreams?According to the Frontier Centre for Public Policy, the areas of the country that are the most affordable to buy housing include Charlottetown, PEI and three cities in New Brunswick: Moncton, Saint John and Fredericton. Two additional cities were both in Ontario - Windsor and Thunder Bay.

For those who can justify heading east to the Maritimes, have found that special place in Ontario or have found an area in other Canadian provinces where it's more affordable to purchase, here are five tips to figure out when it's worth spending the budget:

1. Access - can you justify driving a long distance or flying to get to the summer house? How often will you visit and will it only be in the summer?

2. Maintenance - if your main residence is farther away, then finding someone locally to insure maintenance is key - and should be considered as part of the purchase budget.

3. Costs - taxes, utilities, permits can all vary by region and province, insure you know what you're rights are if you're an absentee owner.

4. Location - instead of the lakefront or oceanfront focus, consider picking a small village or town close to all the amenities to make it easier to get to, restock and still get the away from it all experience.

5. Rent - get to know an area or region and find out where the deals may be found - firsthand knowledge always helps when checking out the Multiple Listing Service each week.

Check out how to achieve cottage life - How to buy your first cottage part one / How to buy your first cottage part two