Report highlights interest in recreational property
There’s growing demand for recreational property in the North Okanagan.
Re/Max’s latest recreational property report indicates that sales are on the upswing in the North Okanagan as a result of growing confidence in the economy and the real estate market in particular.
“Many buyers in this region are looking for high-end homes either as weekend getaways or to live in during their retirement years,” states the report.
“Properties in and around the North Okanagan area start at about $650,000 and increase to just under $6 million depending on location, size and amenities. The most expensive property listed recently was a 4,500-square-foot home with a dock and two boat lifts, which sold for about $2.5 million.”
According to the report, there are two kinds of buyers in the North Okanagan: those looking for older cottages under $1 million and those seeking newer properties listed at more than $2 million.
The higher-end buyers are often looking for a dock for their boats, allowing them access to a number of watersports that are popular in the area.
Many buyers in the North Okanagan are between ages 35 to 55 and come from the Lower Mainland, parts of Alberta, and the U.S.
The report also highlights recreational properties across Western Canada.
It states that recreational property markets across Western Canada are experiencing healthy activity heading into the summer.
“Consumer confidence is high and motivated buyers are seeking out their dream vacation homes, with some markets reporting the most activity seen since the recession.”
A weaker Canadian dollar has also prompted buyers to remain within Canada rather than buying south of the border.
“We see momentum in recreational property sales, especially near urban centres where local residents have experienced several years of economic growth,” said Elton Ash, regional executive vice-president of Re/Max Western Canada.
“This year, we are seeing the effects of buyer confidence in some regions thanks to built-up equity gains and strong job markets across the west.”