Prices forecast to rise 4.7%; spring buyers braved rain and cold to shop for the perfect cottage
To: Royal LePage Broker/Owners, Managers, Sales Representatives and Administrators
The 2019 Royal LePage Canadian Recreational Property Report was shared with media early this morning, revealing insights and data from a cross-Canada survey of some of the company's recreational property specialists.
Key highlights from the national release include:
- Leading up to the 2019 spring market, Canada's recreational properties saw healthy price gains rising 5.0 per cent (year-over-year) to $411,471.
- Royal LePage forecasts another year of solid gains by March 2020 with prices expected to increase 4.7%.
- Ontario and Alberta saw greater aggregate price increases than other provinces, rising 7.2 and 10.2 per cent, respectively. In Alberta, the larger market of Canmore influenced this increase, with an 11.4 per cent pickup in price.
- Quebec experienced a 6.3 per cent year-over-year sales increase for single-family properties in reporting recreational communities, as supply was able to meet demand.
- Atlantic Canada offers a good selection of recreational property at affordable price points. Year-over-year, the aggregate price of a single-family home in reporting regions rose 5.9 per cent to $257,965.
- In the Prairies, reporting regions saw softening in both prices and sales over the past year, with the aggregate price for a single-family home in recreational areas decreasing 6.3 per cent to $194,147. Sales dipped 3.4 per cent during the same period. However, this softening may spur sales for 2020.
- Recreational property sales in British Columbia softened year-over-year, with a decrease of 22.5 per cent in reporting regions. While the aggregate price of a single-family home in these areas is relatively flat (0.4%), the aggregate price is forecast to increase by 1.7 per cent in 2020.