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.
