Recreational property prices jump 53% in one year at this popular Alberta lake
If you are looking to buy a summer vacation property around one popular lake in Alberta, prepare to cough up some serious cash.
According to the Royal LePage 2024 Spring Recreational Property Report, last year, the weighted median price of a single-family home in Alberta’s recreational property market increased 4.7% year over year to $1,238,900, compared to 2022.
One spot in Alberta saw a heavy spike in market traffic, with a single-family recreational property on Wabamun Lake shooting up a whopping 53.5% from 2022 to 2023, going from $439,800 to $675,300.
When it comes to single-family waterfront recreational properties at Wabamun, that increased 19.5% from $820,200 in 2022 to $979,900 in 2023.
Another popular recreational property spot in Alberta, Pigeon Lake, saw a 13.8% increase in single-family prices, going from $366,300 in 2022 to $417,000 in 2023, while waterfront dropped by 7.3% from $639,500 to $592,500 in 2023.
It was a different story for recreational properties in Lac St. Anne, with single-family properties dropping from $327,000 in 2022 to $290,000 in 2023, an 11.5% decrease. Waterfront properties also saw a decrease, with a 2.9% drop from $534,700 in 2022 to $519,300 in 2023.
“While interest rate cuts may not immediately spur activity as we enter the spring and summer seasons, I expect to see increased buyer interest and activity this year in comparison to last year, mainly coming from local residents around the lakes,” said Tom Shearer, broker at Royal LePage Noralta Real Estate.
The report added that the median price of a single-family home in Alberta’s recreational regions is also forecast to increase by 4% in 2024 to $1,288,456 compared to 2023. Better start counting those pennies now!
According to a Royal LePage survey of recreational property experts, 56% of respondents in Alberta reported less inventory this year compared to 2023, and 56% reported similar demand.
Follow Channels and Categories