Demand grows for condos in popular vacation spots
TORONTO Retirees, investors and those looking for a winter getaway are driving strong demand for condominiums in popular recreational real estate markets, at times, nearly double the rate for detached homes, says a report by Royal LePage.
The realty brokerage says the median price for a condominium located in Whistler, B.C., grew by 26.5 per cent to $610,000 this year, compared with a year ago. While prices for detached homes in the popular ski resort town increased by 14.5 per cent to a median price of $2.4 million for the same period.
Pat Kelly, president and owner of Royal LePage Black Tusk, attributed the growth in condo prices to a boom in the tourism sector by buyers looking for short-term income rentals and investment properties.
It was a similar trend in other popular winter destinations in Canada.
The report found that condo prices at the foot of Mont-Tremblant, Que., grew by 30 per cent to $325,000 from a year ago. The median price for a condominium in Mont-Tremblant’s village climbed 8.1 per cent to $186,500. The price of a detached home in the village was up 1.9 per cent to $425,000 year over year.
Condo prices in Canmore, Alta., near picturesque Banff, jumped 9.6 per cent to $472,000 this year, while the median price of a detached home fell by 1.1 per cent to $918,500 compared with a year ago.
In Collingwood, Ont., which is home to the Blue Mountain ski resort, condo prices were up 5.4 per cent to $407,700 from a year ago, while detached property prices rose 6.3 per cent $549,000 during the same period.
Royal LePage says they anticipate demand for recreational properties to remain steady in 2019, as baby boomers look to these areas in their retirement or as second homes.