Photo: The Canadian Press
The COVID-19 pandemic has helped push real estate prices up in recreation areas in the first nine months of the year.
Royal LePage’s Winter Recreational Properties Report found that the overall price of a single-family home in BC’s recreational areas increased 12.9% year over year to 788 $ 478. The real estate company predicts that the price of a recreational property in British Columbia will also increase by 8% next year.
According to the report, British Columbians “rushed to grab property” in the Okanagan, with strong demand for Whistler and Pemberton as well.
“2020 has forced us all to change our perspective, especially when it comes to quality of life,” said Francis Braam, broker at Royal LePage Kelowna, in a press release. “With travel and vacation rental options limited, if not completely eliminated, West Coast buyers have purchased recreational properties in the Okanagan.”
Most recreation areas reported that people looking to buy in their area were looking for a property where they could work remotely. Sixty percent of the regions surveyed also reported an increase in retiree buyers compared to 2019.
Overall in Canada, the price of homes in recreational areas rose 11.5% in the first three months of the year.