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Kevin O’Leary is a bear when it comes to housing, but if you ask him about cottages, he’s more of a polar bear than a panda.
The chairman of O’Leary Financial Group said he’s learned a lot of lessons over the 30 years he’s been a cottage owner on BNN’s special presentation, Ask O’Leary.
“When cottages fall out of favour, there’s no bid. In other words, there’s no liquidity,” O’Leary said in response to a question about investing in cottages. “Never put debt on it, and be prepared to never get your money out.”
He believes there will be plenty of pressure on cottage prices this summer if the uncertainty around the economy continues. The cost of upkeep is another source of cottage frustration for O’Leary.
“What it costs me to maintain that place makes me wish I never bought it.”
O’Leary admitted that the love for cottages and lakes is part of being Canadian, but said it’s also kind of a curse.