The price of a recreational property in B.C. is forecasted to go up by 13 per cent over the next year, according to a report from real estate firm Royal LePage.
In B.C., that would raise the cost of a recreational property from $691,963 to $781,918. The biggest increase was seen the the Kimberley and Cranbrook area, where prices jumped from 33.8 per cent from $527,000 to $705,100.
According to a survey of 190 Royal LePage recreational real estate professionals across Canada, 91 per cent said that their market has less inventory than usual for their respective regions, including 72 per cent that reported significantly less inventory available.
“Life during the pandemic has made cottage country and country living more desirable than ever, in every part of Canada,” said Phil Soper, president and CEO, Royal LePage.
“And an increasing number of new owners intend to use these escapes for both weekend play and Monday to Friday work.”
And many of those buyers have been from out of province, with the company saying that 68 per cent of its B.C. professionals saying they’re seeing an increase in interprovincial purchases this year.
That increasing interest, the company said, has led to 52 per cent of recreational properties selling above asking.
READ MORE: Vacation properties see spike in demand as people look for safe getaways
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