Royal LePage just released its 2023 Winter Recreational Property Report, and I am honoured to be BC’s contributing expert who provided insight on British Columbia’s regional ski and recreational markets. According to the report, in the first ten months of 2023, the median price of a single-family detached home in British Columbia’s popular ski regions decreased 1.6 percent year over year to $2,026,400, while the median price of a condominium decreased 1.4 percent to $525,000.
While several contributing factors all play a role in this recent decline in the province’s recreational market, experts predict a modest 4.1 percent increase in the median price of a single-family detached home over the next 12 months. The full report is in the link below, and here is snapshot of some of the contributing factors:Increased Mortgage Costs
Increased borrowing costs have produced some cooling effects on recreational markets, but not as high as those felt in the residential segment. The impact of elevated borrowing costs will likely be seen between 2024 and 2026, when many five-year mortgages will be up for renewal.Short-Term Rental Regulation Changes
Proposed changes to short-term rental regulations could make it challenging for second homeowners to offset expenses by renting out their cottages and chalets.Decline in Year-Round Residents
While many Canadians chose recreational markets for their primary residences during Covid-19, recreational property market experts across the country reported less demand, an increase in inventory, and an increase in the average number of days on the market compared to 2022.Unprecedented Wildfire Season
Record-breaking wildfires during the summer significantly impacted recreational real estate markets.
Royal LePage Releases Its 2023 Winter Recreational Property Report
Blog by Frank Ingham | December 1st, 2023
