Bruce Constantineau
Sun
Recreational property sales have stabilized in B.C.
The B.C. recreational property market has shifted to more balanced conditions, with fewer buyers creating less upward pressure on prices, according to a Re/Max report.
The report said the one B.C. exception to the trend is Salt Spring Island, where the Islands Trust limits the supply of new properties.
“The demand for waterfront recreational properties remains strong but prices have stabilized,” Re/Max regional executive vice-president Elton Ash said in an interview. “That’s good news for consumers because there are fewer multiple offers driving prices higher.”
He also said the availability of bargain U.S. real estate properties has clearly reduced the number of buyers looking at Canadian recreational properties.
“We see U.S. owners of Canadian properties putting them up for sale now so they can take their profits and reinvest them in the U.S sun belt,” Ash said.
While the price of a three-bedroom winterized home on ocean frontage on Salt Spring Island starts at about $1.3 million, there are more affordable properties for sale throughout B.C.
The report said the South Okanagan market has moved into “clear buyer territory” for the first time in five years – with rising inventories, falling sales and price corrections underway.
It said the price of a two-bedroom condo on the water near Penticton now starts at about $400,000, with some developers paying the GST and providing complete appliance packages.
Ash said the Cariboo region near 100 Mile House and Williams Lake has one of the most affordable recreational property markets in Canada, with budget-conscious buyers choosing rustic cabins or smaller non-waterfront homes.
The report said the majority of sales in the region range between $130,000 and $300,000.
“There are some great buys in the area because people have to drive longer to get there – it’s about eight hours from Vancouver,” Ash said. “It’s really popular with young families who want to unplug because they work 24/7 and they remember enjoying time at the family cabin when they grew up.”
