Median home prices in the country’s recreational housing markets are forecast to rise 5% in 2024 as demand grows for scarce listings.
That’s the latest forecast from real estate firm Royal LePage, which expects the average price of a single-family home in the country’s recreational market to rise to $678,930.
This follows an average 1% year-over-year price decline for single-family recreational homes in 2023 and an 11.7% decline in 2022 as the Bank of Canada started hiking interest rates to combat soaring inflation. Still, figures show prices remain 59% above pre-pandemic levels.
However, Royal LePage president and CEO Phil Soper says there’s a change in the air, and that “demand has been building quietly on the sidelines.”
With Bank of Canada interest rate reductions anticipated later this year, more buyers are expected to pull…
