Hey there, fellow real estate enthusiasts! I’ve got some fascinating numbers to share with you today. We’re going to take a look at Canada’s recreational property market, with data provided by Royal LePage Recreational Property Report. The rec property market has seen some significant growth in 2022. But, as with all good things, it seems this wave may be coming to an end. So, let’s dive in and see what’s happening!

To start with, the aggregate price of a single-family home in Canada’s recreational property market shot up 11.7% year-over-year to a cool $619,900 in 2022. And it wasn’t just single-family homes seeing a boost. Waterfront and condominium properties also experienced a rise in prices, with a 9.5% and 16.6% increase, respectively. Talk about a hot market, right?

Now, if you’re looking for the star of the show, it’s got to be Quebec’s recreational condominium market. It recorded the highest provincial year-over-year aggregate price appreciation in 2022, skyrocketing 22.3%! That’s one impressive number.

But, as I mentioned earlier, this wave of growth seems to be losing steam. In fact, the aggregate price of a single-family home in Canada’s recreational regions is forecast to decrease by 4.5% in 2023, dropping to $592,005. That’s a pretty noticeable change, don’t you think?

However, not all provinces are expected to see this downward trend. Alberta is the only recreational market anticipating price appreciation in 2023, albeit a modest 0.5% increase. On the flip side, Quebec and here in Ontario we are expected to experience the most significant price decreases, with forecasted declines of 8% and 5%, respectively, compared to 2022.

But what’s causing these shifts? Well, one of the reasons could be lower inventory levels. More than half (57%) of recreational property experts across Canada reported lower inventory than last year in their respective regions, and a whopping 65% said inventory is lower compared to typical pre-pandemic levels. That’s definitely going to impact the market.

So, what’s the takeaway from all this? Well, if you’re in the market for a recreational property, it might be a good idea to keep an eye on the changing trends and prices. You never know when a golden opportunity might arise, or when it’s the right time to make a move. We offer free automatic property searches for all of our clients and friends, which will send listings directly to your inbox as soon as they drop.

That’s it for now, folks! Be sure to check back for more exciting real estate news and insights. And remember, knowledge is power when it comes to making informed decisions about your investments.

Happy house hunting!

For more info on the Royal LePage Recreational Property Report you can see the whole thing here