Royal LePage has released its 2024 version of the “Spring Recreational Property Report”
Key highlights from the national release include:
- The median price of a single-family home in Canada’s recreational regions is forecast to increase 5.0% in 2024 to $678,930, compared to 2023, as a boost in consumer confidence will bring sidelined buyers back to the market
- All of Canada’s provincial recreational markets expected to see an increase in single-family home prices in 2024, with Ontario forecast to see the highest level of price appreciation at 8.0%
- The weighted median price of a single-family home in Canada’s recreational property market decreased modestly by 1.0% year over year to $646,600 in 2023
- Despite a modest decrease over the past year, the national weighted median single-family home price in Canada’s recreational real estate market remains 59% above 2019 levels
- Nationally, the weighted median price of a single-family waterfront and condominium property decreased 7.9% and 1.5% year over year, respectively, in 2023
- Condominiums in Atlantic Canada’s recreational property market recorded the highest provincial year-over-year weighted median price appreciation in 2023, rising 16.9%
- 41% of recreational property market experts across the country reported lower inventory than last year in their respective regions
