2014 Recreational Property Report from Royal LePage confirms pent-up demand following harsh winter and delayed spring.
Toronto, ON, June 5, 2014 – After a slow start to the year, sales activity in Canada’s recreational property market is beginning to pick up, according to the 2014 Royal LePage Recreational Report released today. A long and severe winter delayed the traditional spring buying season, but the arrival of waterfront-friendly weather has increased interest, is generating higher inventory levels and is driving sales activity.
The Royal LePage Recreational Property Report compiles information from a cross-Canada survey of brokers and agents who specialize in the recreational real estate market. Advisors across the country are reporting a significant increase in buyer interest and are anticipating the return of a healthy market for the remainder of the spring and summer. In many areas, snow remained well into the spring, hampering efforts to open and list summer properties, but sellers and buyers returned following the Victoria Day long weekend.
“In the middle of the last decade, we saw record levels of sales activity in the recreational property market, driven largely by the retirement dreams of our Boomer generation. The subsequent economic downturn dampened demand in the sector,” observed Phil Soper, president and chief executive of Royal LePage Real Estate Services. “Post-recession, our research found that incremental sales were driven largely by low interest rates and investors. With the 2014 market, we are seeing a return to primarily lifestyle-driven demand for cottages, cabins and chalets. Canadians continue to seek the opportunity to escape to a weekend retreat.”
“Economic factors such as a stable job market, inexpensive mortgage financing and steadily improving consumer confidence remain supportive for purchasers considering recreational properties,” continued Soper. “Many Canadians dream of owning a country retreat to get away from the pressures of life in the city and the daily grind. The pursuit of a place to gather with family and friends is a notion that seems to be more attractive now than ever.”
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