In an opposite fashion to the larger real estate picture, Canada’s winter recreational properties have posted double-digit growth.
This is according to the Royal LePage Winter Recreational Property Report, released today, which revealed that the median price of a single-family detached home in Canada’s ski regions climbed 15.1% year over year in the first 10 months of this year. The price now sits at $1,042,700.
“While the rapid rise in interest rates, which began in March of this year, has caused many would-be buyers in the residential market to move to the sidelines, some recreational property purchasers — most notably in higher-end markets — have demonstrated a greater tolerance to increasing monthly mortgage costs,” said Pauline Aunger, broker of record, Royal LePage Advantage Real Estate. “Additionally, many buyers of secondary properties are able to leverage…
