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Just Released: Royal LePage 2019 Canadian Recreational Property Report

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.
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September 2019
Metro Vancouver housing market sees summer uptick in sales

Home buyer activity increased to more typical levels in Metro Vancouver throughout the summer months.


The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 2,231 in August 2019, a 15.7 per cent increase from the 1,929 sales recorded in August 2018, and a 12.7 per cent decrease from the 2,557 homes sold in July 2019.


Last month’s sales were 9.2 per cent below the 10-year August sales average.


“Home sales returned to more historically normal levels in July and August compared to what we saw in the first six months of the year,” said REBGV President Ashley Smith. 


There were 3,747 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service® (MLS®) in Metro Vancouver in August 2019. This represents a 3.5 per cent decrease compared to the 3,881 homes listed in August 2018 and an 18.8 per cent decrease compared to July 2019 when 4,613 homes were listed.


The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 13,396, a 13.3 per cent increase compared to August 2018 (11,824) and a 5.9 per cent decrease compared to July 2019 (14,240).


For all property types, the sales-to-active listings ratio for August 2019 is 16.7 per cent. By property type, the ratio is 12 per cent for detached homes, 18.4 per cent for townhomes, and 21.2 per cent for apartments.


Generally, analysts say downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.


“With more demand from home buyers, the supply of homes listed for sale isn’t accumulating like earlier in the year. These changes are creating more balanced market conditions,” Smith said.


The MLS® Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $993,300. This represents an 8.3 per cent decrease over August 2018 and a 0.2 per cent decrease compared to July 2019.


Sales of detached homes in August 2019 reached 706, a 24.5 per cent increase from the 567 detached sales recorded in August 2018. The benchmark price for detached homes is $1,406,700. This represents a 9.8 per cent decrease from August 2018 and a 0.7 per cent decrease compared to July 2019.


Sales of apartment homes reached 1,116 in August 2019, an 8.9 per cent increase compared to the 1,025 sales in August 2018. The benchmark price of an apartment property is $771,000. This represents a 7.4 per cent decrease from August 2018 and a 0.1 per cent increase compared to July 2019.


Attached home sales in August 2019 totalled 409, a 21.4 per cent increase compared to the 337 sales in August 2018. The benchmark price of an attached unit is $654,000. This represents a 7.8 per cent decrease from August 2018, a 0.2 per cent increase compared to July 2019.


Download the August 2019 stats package. 

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The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Real Estate Board of Greater Vancouver (REBGV), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the REBGV, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the REBGV, the FVREB or the CADREB.