Love for recreational living remains strong even during economic downturn

The Royal LePage 2024 Spring Recreational Property Report, which includes national and regional price data and insights from experts in real estate markets nationwide, was distributed to the media this week. I’ve been British Columbia’s Whistler/Pemberton contributor for several years and look forward to the Report’s release each year. As I said in my interview with Glacier Media Group, the market has been slow. Still, despite that and some uncertainty with interest rates, I believe people are patiently waiting with cautious optimism in anticipation that the economy will remain stable and robust. Such is evident by the recent sale of a 120-acre property on Green Lake for $10.35 million. It may not be your average recreational property sale, but when you see someone who has had financial success investing in this type of recreational property, it spurs optimism in our region.

Royal LePage’s 2024 Spring Recreational Property Report predicts a modest resurgence of activity for cottages, cabins, and chalets. Despite the economic downturn caused by the rise in inflation and interest rates, the market for recreational properties is expected to bounce back in 2024 due to the continued demand for such properties. Please see the full release here, along with data trend reports which I know some of you enjoy :)