This summer, Canada's recreational property market witnessed an uptick in demand sending pricing and sales activity higher as many buyers sought to enter the market in search of a year-round dwelling.
According to the Royal LePage Recreational Housing Report, which compiles information from a cross-Canada survey of the company's recreational property specialists, roughly 65 per cent of advisors believed that retirees across the country increasingly sought to cash in on their home's equity in order to purchase a recreational property as a primary residence.
“Recently, we've begun to notice an increasing number of recreational property purchasers enter the market in search of a year-round waterfront residence,” said Royal LePage Truro Real Estate's Todlynn MacPherson. “Once found, these buyers will often hold onto the property for a number of years until they can no longer keep up with its maintenance, either passing it on within the family or selling it and downsizing.”
While this tends to be more prevalent in provinces like British Columbia and Ontario, where home values are generally higher than the rest of the country, the trend can be seen nationwide, particularly in Alberta, Quebec and New Brunswick.
Looking forward to the remainder of the year, 54 per cent of respondents expect sales activity to rise when compared to levels achieved in 2016, as this trend continues to place an upward pressure on demand and constrains inventory levels in most markets nationwide.
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