Royal LePage predicts rising recreational property prices
BNN Bloomberg
Royal LePage is forecasting that Canada’s recreational property markets will see the median price of a single-family home rise by about five per cent annually.
On Wednesday, Royal LePage released its Spring Recreational Property Report, which predicted the increase would bring median prices to $678,930 in 2024, with Ontario seeing the largest price increase at eight per cent. The forecast is based on increased consumer confidence spurring buyers to re-enter the market, the release said.
“Inflation reared its ugly head, interest rates soared and the economic downturn that followed pushed cottage, cabin and chalet prices off those pandemic peaks, yet the fundamental demand for recreational living has not abated. We believe that this market segment will see a resurgence of activity in 2024,” Phil Soper, president and CEO of Royal LePage, said in a press release.
The release also highlighted that a survey of 150 recreational real estate market professionals found that 41 per cent across Canada reported lower inventory compared to last year in their respective regions.
Two Canadian cargo ships are stuck in the Persian Gulf and unable to pass through the blocked Strait of Hormuz as the war in Iran continues.
U.S. stocks are sinking Wednesday after another climb for oil prices raised worries about inflation, which may have been primed to worsen even before the war with Iran began.
U.S. crude stocks rose while gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.
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Shares advanced Wednesday in Europe and Asia as oil prices fell back slightly despite a barrage of attacks by Iran on its Gulf neighbours.
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Oil prices resumed their rise on Tuesday because of the war with Iran, but U.S. stocks held steadier this time around.
Oil prices above $100 add pressure on inflation and growth, complicating rate decisions for central banks.
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Markets in Canada and the U.S. were up in late-morning trading on Tuesday despite the ongoing war in Iran.