For British Columbia's forecast click HERE
Key highlights from the release include:
* The aggregate price of a single-family home in Canada’s recreational property market increased 11.7% year-over-year to $619,900 in 2022
* Nationally, the aggregate price of a single-family waterfront and condominium property increased 9.5% and 16.6% year-over-year, respectively, in 2022
* Condominiums in Quebec’s recreational property market recorded the highest provincial year-over-year aggregate price appreciation in 2022, rising 22.3%
* The aggregate price of a single-family home in Canada’s recreational regions is forecast to decrease 4.5% in 2023 to $592,005, compared to 2022
* Alberta is the only provincial recreational market expected to see price appreciation in 2023 (+0.5%)
* Quebec and Ontario expected to see the largest recreational property price decreases in 2023, with forecasted declines of 8% and 5%, respectively, compared to 2022
* More than half (57%) of recreational property experts across the country reported lower inventory than last year in their respective regions, and 65% reported reduced inventory compared to typical pre-pandemic levels
“Like many recreational markets across the country, Pemberton and Whistler continue to experience low inventory. Come springtime, I anticipate that supply levels will rise as more sellers move into the market, but I don’t expect there to be a huge wave of relief,” said Frank Ingham, associate broker, Royal LePage Sussex. “Many buyers continue to wait on the sidelines for prices to fall or for borrowing costs to become more affordable, especially those purchasers who are buying for their retirement or for their adult children to enjoy. This trend is creating more pent-up demand on the sidelines, and is causing properties to stay on the market twice as long as last year. However, as the spring market gains momentum, I expect more homes that have been sitting on the shelves will start to move into the hands of buyers.”
DOWNLOAD CANADA FORECASTS HERE
READ FULL PRESS RELEASE HERE
DOWNLOAD CANADA FORECASTS HERE
READ FULL PRESS RELEASE HERE