A Royal LePage report estimated the aggregate price of a single-family home in Canada's recreational regions to decline to CA$ 592,005, decreasing 4.5% YoY.
In 2021 and 2022, the aggregate price increased by 26.6% and 11.7%, respectively.
57% of the 200 Royal LePage recreational real estate professionals surveyed reported a drop in inventory compared to last year.
- Almost two in three respondents (65%) said inventory was reduced compared to pre-pandemic levels.
- Quebec and Ontario are expected to see a price decline of 8% and 5%, respectively. Alberta is the only province expected to see a price gain (0.5%).
- Royal LePage CEO Phil Soper said interest rate hikes have less impact on the recreational market, but general consumer inflation and lack of inventory have affected sales activity.
