If you are looking to buy waterfront property in the Shuswap, be prepared to fork out a lot more than last year.
Prices for waterfront property in the region have jumped nearly 40 per cent over last year, while the rise for non-waterfront property has not been quite a steep.
In 2015/2016 the median price for waterfront recreational property was $372,000, while the median price for 2016/2017 jumped to $520,000.
The only other area in which prices made such a significant jump was Kelowna, where median prices increased by 46 per cent.
The median price for non-waterfront recreational property in the Shuswap has only increased by three per cent.
In 2015/2016 the median price for non-waterfront recreational property was $290,000, while the median price for 2016/2017 climbed to $300,000.
In a survey of Re/Max brokers , one of the driving forces behind the recreational property market is young families with children looking to purchase in established recreational regions like the Okanagan.
Another trend is for family members to purchase a recreational property together and share its use, while others are purchasing it for personal use, but renting it out as a vacation unit to assist with the purchase costs.
The most common things looked for in a recreational property include finding peace and quiet and spending time in nature and with family and friends.
