RE/MAX cited greater affordability, increased selection and pent-up demand as key factors in a potential market boom for recreational properties across Canada.
The 2011 RE/MAX Recreational Property Report – released today – puts prices in B.C. at or near the bottom. It notes astute buyers who previously bought in the U.S. are starting to look back to B.C., where oceanfront prices are down from peak pre-recession levels.
Softer values have driven up sales in Western Canada, with transactions up or on par in 58% of markets, well ahead of the national average.
Elton Ash, regional executive vice-president, RE/MAX of Western Canada, said, “Opportunities that haven't been seen in years are now presenting themselves, especially on the West Coast.
“Prices are down as much as 20% from peak levels reported in 2006 to 2007, bringing ownership within reach to many potential purchasers. The strengthening oil sector has also brought Albertans back into mix, driving demand for both local and coastal B.C. properties. 2011 could be the turning point.”
Jennifer Harrison
Twitter: jharrison_biv