2011 could be a huge year for vacation property sales
Posted Jun 13, 2011 8:12 am.
This article is more than 5 years old.
A new report from RE/MAX says owning a cabin or cottage has become more affordable.
The 2011 RE/MAX Recreational Property Report notes that across the country, prices for so-called “getaway homes” are down about 20 per cent from their peak levels before the recession.
One of the most significant price drops is in Sylvan Lake in central Alberta, where homes that were fetching $1.25-million back in 2008 are now being listed at $800,000.
Condo prices in Canmore are off by as much as $100,000 in the last three years, depending on the unit.
Regional Executive Vice President Elton Ash says the strengthening oil sector has brought Albertans back in the mix, driving demand for both local and coastal B.C. properties.
The report suggests a shift from buying recreational property south of the border with people now eyeing places closer to home, which they can use throughout the year.
RE/MAX also says it has seen an increase in the number of Americans selling their Canadian-owned recreation property.
