Demand in recreational real estate expected to wane: report
BNN Bloomberg
After a surge of Canadians rushed to buy lakeside cottages and cabins at the start of the pandemic, demand for recreational properties is expected to dip this year as buyers wait for more inventory and economic stability, according to a new report.
A press release by Royal LePage on Tuesday said it expects the national aggregate house price to drop 4.5 per cent in the recreational market this year.
Royal LePage forecasted the price of a single-family recreational home will fall to $592,005, from $619,900 in 2022.
"After two years of relentless year-round competition, Canada's recreational property markets have slowed and returned to traditional seasonal sales patterns," Phil Soper, president and chief executive officer of Royal LePage, said in the release.
