House prices in Canada’s popular ski regions set to rise a modest 2.9% over the coming year

House prices in Canada’s popular ski regions set to rise a modest 2.9% over the coming year

  • Kate Vanderburgh
  • 12/1/23

According to the Royal LePage Winter Recreational Property Report released today, home prices in Canada’s popular ski regions[1] posted a modest year over-year decline since the beginning of 2023 as buyer demand continues to soften. This softening is largely due to high interest rates and the rising cost of living as well as a general uneasiness about the state of the economy, the report found. Nationally, in the first 10 months of 2023, the median price of a single-family detached home remained essentially flat, decreasing 0.7 per cent year over year to $1,068,200. “Although recreational real estate markets vary greatly from one region to the next, activity on the whole in Canada’s winter recreational communities has noticeably slowed. Annual sales are down in most regions and inventory has climbed modestly as the market continues to regain balance. This has not, however, translated to steep price declines in a majority of markets. While the rising cost of living has had an impact on demand for recreational real estate, prices have remained stable due to relatively low supply and sellers’ capacity to hold out for a desirable deal,” said Pauline Aunger, broker of record, Royal LePage Advantage Real Estate. “Market activity is trending back to historical norms, following an unprecedented boost in activity during the pandemic. In addition to a return to normal work and social routines, today’s elevated interest rate environment has exacerbated this cooldown, as consumers are more concerned about mortgage expenses and the overall economy, including those shopping in high-end recreational markets.”


To read the FULL REPORT click here

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