The aggregate price of a single-family home in Canada’s recreational property market increased 11.7% year-over-year to $619,900 in 2022
Nationally, the aggregate price of a single-family waterfront and condominium property increased 9.5% and 16.6% year-over-year, respectively, in 2022
Condominiums in Quebec’s recreational property market recorded the highest provincial year-over-year aggregate price appreciation in 2022, rising 22.3%
The aggregate price of a single-family home in Canada’s recreational regions is forecast to decrease 4.5% in 2023 to $592,005, compared to 2022
Alberta is the only provincial recreational market expected to see price appreciation in 2023 (+0.5%)
Quebec and Ontario expected to see the largest recreational property price decreases in 2023, with forecasted declines of 8% and 5%, respectively, compared to 2022
More than half (57%) of recreational property experts across the country reported lower inventory than last year in their respective regions, and 65% reported reduced inventory compared to typical pre-pandemic levels
The spring market is off to a healthy start. Buyer activity picked up earlier than was anticipated in the first quarter of 2023, pushing home prices up over the final quarter of last year. As a result, home prices in Canada are expected to continue climbing, albeit at a much slower rate than the last two years.
Royal LePage is forecasting that the aggregate price of a home in Canada will increase 4.5% in the fourth quarter of 2023, compared to the same quarter last year. The previous forecast was revised upward to reflect an earlier-than-expected boost in activity in Canada’s major housing markets.
Following activity levels in the first quarter of 2023 that surpassed the Company’s expectations – a vigorous return of buyer demand coupled with ultra-low housing supply conditions – Royal LePage has adjusted its quarterly forecast for the remainder of the year. On a quarter-over-quarter basis, the national aggregate home price is expected to continue rising modestly but steadily over the next nine months.
Read the full report here.
Single Family in Burlington
Royal LePage Real Estate Services Ltd., Brokerage (40429633)
Single Family in Oakville
Royal LePage Real Estate Services Ltd., Brokerage (40419320)
Single Family in Oakville
Royal LePage Real Estate Services Ltd., Brokerage (40426233)
Single Family in Oakville
Royal LePage Real Estate Services Ltd., Brokerage (40425281)
Royal LePage Real Estate Services
326 Lakeshore Road East Oakville, Ontario L6J 1J6
