Recreational real estate
continues to be in demand across Canada, with B.C. properties the priciest,
according to a new survey by Royal LePage.
Twelve per cent of
Canadians are planning or will consider buying a recreational property in the
next three years, according to the survey released Tuesday.
But recreational real estate isn’t cheap. The average national price for a waterfront cottage or cabin, with land access, rose to $427,589 this spring from $380,507 last year.
In British Columbia, the average price is just over $1 million.
Recreational real estate in Alberta was the second most expensive, averaging
$737,500. The average price in Quebec was $525,000 and in Ontario $469,500.
Royal LePage President and
CEO, Phil Soper, said high prices are a function of supply and demand.
“Our research reveals that the demand for recreational
property continues to far exceed supply across Canada, causing cottage prices
to rise at a much quicker rate than the overall housing market.”
Despite the prices, the
majority of Canadians who plan to or would like to buy recreational real estate
have budgeted less than $200,000.
The survey found that gas prices may have an impact on use of recreational property. Twenty-three per cent of cottage owners said they would curb the number of trips they take to their recreational property this summer, while a further 12 per cent said they would consider selling their property if gasoline prices keep climbing.
The survey was conducted by Maritz Research for Royal LePage. It polled 3,012 Canadians and included market analysis of prices, activity and trends in selected recreational real estate markets.