BC real estate sales are still on the decline, but prices in the recreational property market remain fairly stable.
That’s the latest finding from Royal LePage, which just released their Canadian Recreational Property Report for June 2019.
Across Canada, Royal LePage says recreational property is seeing healthy gains in price. There’s a high demand for housing in both Ontario and Quebec, which helps offset the softer conditions in BC.
Sales as a whole, however, have declined by 8.3%. Lesser demand in BC is one of the driving forces, as well as low housing inventory in Ontario.
In BC, recreational property is seeing “significant softening,” says Royal LePage.
Sales decreased by 22.5% in reporting recreational regions, and all regions posted a decrease.
The aggregate price of a single-family home has shown little change compared to 2018 (+0.4%), increasingly marginally from $666,924 to $669,601.
Royal LePage forecasts the aggregate price to see a more noticeable increase next year, increasing by an additional 1.7% in 2020.
Currently, the most popular region for home buyers in BC is the central Okanagan.
The median price for a single-family home is $640,000, down 3% from last year. In addition to Vancouver buyers, the Okanagan also receives a lot of interest form Alberta and Saskatchewan.