2023 Spring Recreational Property Report

Key highlights from the release include:

• 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