Recreational home sales pick up in most areas
The sale of residential homes is starting to pick up after a slow start to the year. Royal Le Page has released its annual market status report and most regions are seeing a surge of activity as spring buying season releases the pent up demand. The report compares this season to 2014 when the recovery after a harsh winter was slow and overall sales remained lower. There are exceptions; Alberta, some eastern BC areas popular with Albertans and Newfoundland. In these areas sales are slow putting downward pressure on prices.
Phil Soper, president and chief executive of Royal LePage says that generally the dream of recreational home ownership is alive and well: “Dominated primarily by buyers in their 40s and 50s with families, these are people who are seeking to re-create the idyllic weekends and summers of their youth. Today’s low interest rate environment has supported discretionary, aspirational purchases in a number of sectors.” He says that the firm’s agents have seen an uptick in the urban luxury sector this year.
While the oil price has clearly impacted some provincial economies and sentiment Soper says that for those in other provinces it has helped with the decision to buy a cottage as the lower gasoline prices make getting there more affordable. The report shows that while all recreational property types have seen increases waterfront property continues to attract the highest demand.
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