Recreational property prices plummet 41% in one year at popular Alberta lake
If you’re looking to buy a summer vacation property around one popular lake in Alberta, prices sure have dropped over the past year.
According to the Royal LePage 2025 Spring Recreational Property Report, the weighted median price of a single-family home in Alberta’s recreational property market increased 1.2 per cent year-over-year to $1,270,800, compared to 2024.
However, one spot in Alberta saw a heavy decrease in market traffic, with a single-family recreational property on Wabamun Lake falling by 41.4 per cent from 2023 to 2024, going from $665,00 to $390,000.
When it comes to single-family waterfront recreational properties at Wabamun, that also dropped by 11 per cent from $954,000 in 2023 to $849,000 in 2024.
Wabamun Lake (PeytonsLens/Shutterstock)
Another popular recreational property spot in Alberta, Lac St. Anne, saw a 12.6 per cent increase in single-family prices, going from $266,500 in 2023 to $297,500 in 2024, while waterfront rose even further by 22.8 per cent from $545,000 to $669,500 in 2024.
It was a more subdued story for recreational properties in Pigeon Lake, with single-family properties rising slightly from $419,000 in 2023 to $440,000 in 2024, a 4.8 per cent increase. Waterfront properties at that lake saw a decrease, with a 7 per cent drop from $592,500 in 2023 to $551,300 in 2024.
Looking to the future, Royal LePage is forecasting that the median price of a single-family home in Alberta’s recreational regions will increase 2 per cent in 2025 to $1,296,216.
“As Edmonton and its surrounding neighbourhoods expand, more buyers are seeking weekend retreats within a short distance of the city. This increased demand has led to quicker sales, with properties spending fewer days on the market,” said Tom Shearer, broker, Royal LePage Noralta Real Estate.
“The recreational market is largely driven by three key buyer groups: local Edmonton families looking for a vacation home, affluent buyers seeking premium lakefront properties, and relocators from other lake regions searching for a year-round residence within commuting distance of the city.”