The Royal LePage 2024 Winter Recreational Property Report provides an optimistic forecast for the recreational property market in Canada. Here are some key highlights:
- Market Revival: The report predicts a 7.5% increase in ski chalet prices for 2025, driven by improving borrowing conditions and renewed buyer confidence. This comes after two years of limited activity due to high interest rates.
- Current Trends: Despite the high interest rate environment, recreational property prices have remained relatively stable. The national median price for a single-family detached home in ski areas is expected to rise to $1,019,960 over the next 12 months.
- Regional Variations: While some regions like Canmore have seen price increases, other areas in British Columbia experienced price drops. The report notes that Quebec’s recreational markets have shown solid price appreciation despite economic uncertainties.
- Buyer Behavior: Recreational homebuyers often use equity from their primary residences or pay in cash, but they still watch interest rates closely as an indicator of the economy’s health. The report suggests that additional rate cuts by the Bank of Canada could boost buyer confidence and activity.
- Longer Selling Times: The report highlights that properties are staying on the market longer, with 75% of Royal LePage’s recreational property specialists noting longer selling times.
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