Interest in Canada’s recreational property markets has continued to grow since the start of the pandemic, drawing homebuyers with their relative affordability and attractive lifestyle, but leaving many current residents concerned that a rising population could negatively impact their community’s charm and affordability, according to new data from Re/Max Canada.
As a result of heightened interest and activity, Re/Max anticipates average recreational residential prices to rise up to 20 per cent for the remainder of 2022.
“The level of activity we are seeing in recreational markets across the country is a direct reflection of the stability and quality of life that these regions provide,” said Christopher Alexander, president, Re/Max Canada. “This is putting upward pressure on these markets.”
According to a Leger survey conducted on behalf of Re/Max, 75 per cent of Canadians living in recreational markets are happy with their quality of life.
Brokers and agents say waterfront properties with open-space living and large acreage are in greatest demand.
Western Canada’s recreational markets are all skewed toward sellers, including British Columbia’s Tofino, Ucluelet, Whistler and Penticton/South Okanagan regions, as well as Canmore, Alberta, the survey found.
Demand in these areas has continued to thrive, with recreational properties for sale in Whistler and Canmore receiving multiple offers in a trend that has been exacerbated by low inventory.
Although many pandemic-related restrictions have lifted, Re/Max brokers anticipate continued interest from Canadians as shifting attitudes and high gas prices are prompting many to vacation closer to home. Average sale prices are estimated to increase by 5 per cent in Tofino, Ucluelet, Penticton/South Okanagan and Canmore in the remainder of 202
Under this forecast, Tofino cottage prices will rise to $1.8 million; Penticton average cottages would sell for $679,000 and a typical cottage in Canmore, Alberta would reach $921,000 by year-end.