Ads Google

B.C. recreational market remains Western Canada’s most affordable destination

by Ephraim Vecina on 14 Aug 2017

Amid continuously elevated home prices in Metro Vancouver—with the benchmark price of a detached house in the city now at $1.3 million, and that of a condo unit at $600,000—the province’s recreational real estate market is proving to be among the top destinations for those seeking affordable cottages and waterfront properties.

Rudy Nielsen of NIHO Land & Cattle Company Ltd.—B.C.’s single largest land holder—specifically pointed at Cariboo as the area that offers the greatest recreational value, Business in Vancouver reported.

Aside from easy access to lake waters, Cariboo offers readily purchasable properties, with the average price paid for a recreational title standing at $87,845 this year. The title for a 6.8-acre parcel on Francois Lake in the high Cariboo is currently available for $41,000, featuring easy access to a wide range of amenities such as a nearby resort with a store, a restaurant and a boat launch.

Vacation properties across the province have been seeing increased demand recently—a development spurred on by denizens of Metro Vancouver continuously snapping up cottages situated within reasonable travelling distance from the city, according to Royal LePage Western Canada manager Jim Morris.

Released late last month, the latest edition of the Royal LePage Canadian Recreational Housing Report noted that B.C. recreational properties now sell for an average of $595,077, with the most expensive ones in Okanagan Lake or the Gulf Islands going for roughly 2 up to 4 times the average cost.


Related stories:
Study records intensified demand for British Columbia’s vacation cottages
Demand for vacation properties in the Laurentians increasing
 



Post a Comment



Most Trending News

Canadian buyers returning to major cities, expecting to spend more: BMO survey
News

The survey shows that buying a home in a major city centre has risen 5% since last year.

Read More
Hiking development charges will only make homes more unaffordable
News

The more time and money a developer spends navigating the extensive labyrinth of procedural processes, the costlier it becomes to build a new home.The more time and money a developer spends navigating the extensive labyrinth of procedural processes, the costlier it becomes to build a new home.

Read More
Upcoming Multifamily Conference offers investors unmatched opportunities to learn, network and grow
News

Coming to Toronto May 14-15 is an in-person event discussing multifamily investing and the benefits it can have for new and experienced investors.

Read More