Interest in recreation property ownership on the rise
In a country where it’s winter six months a year, it’s little surprise Canadians hold winter getaway homes dear, and Royal LePage says interest is growing.
“Canada boasts the world’s most spectacular winter experiences. Across our vast land are recreational regions that offer adventure, opportunities for creating priceless family memories and a simple refuge from the hustle and bustle of city life,” says Phil Soper, president and CEO, Royal LePage, in a new recreation properties report. “The number of buyers shopping for a four-season recreational property is again on the rise, and property values are rising as a result. This is particularly true in the mountainside condominium market as more and more investors seek the convenience of lock-and-leave living.”
In the Calgary area, Canmore is one of the most popular destinations. The median price for a detached home dipped slightly by 1.1 percent year over year to $918,500, however, the median price for a condominium surged 9.6 percent year over year to $472,000.
“We’ve seen more sales activity in the entry-level market this year,” says Brad Hawker, broker and owner, Royal LePage Rocky Mountain Realty. “While most buyers in Canmore are from Canada, we’ve seen a slight increase in international demand from the United States and mainland China.”
Meanwhile, just over the rocks in Invermere, sales activity has stayed relatively stable while the median price of a detached home has decreased year over year to $401,250, increasing affordability in the region.
“Recreational properties in Invermere remain affordable and we are seeing an increase of sales in lower-priced properties,” said Barry Benson, broker and owner, Royal LePage Rockies West. “With our proximity to Alberta, if we see economic gains there, it will likely spur consumer confidence among prospective buyers and increase sales activity as we move into 2019.”