A getaway in the Nelson area. (FACEBOOK)

B.C. recreational property market rebounds

Lower Mainland, Fraser Valley residents cash out, head for the hills

B.C.’s recreational property market has bounced back after a dip caused by last year’s imposition of a foreign buyers’ tax on the Metro Vancouver market, according to a new report by real estate company Royal LePage.

The Lower Mainland real estate market has influenced pricing and sales of many of the province’s recreational markets, as prospective buyers consider “cashing out” their rapidly rising home equity and moving to a more relaxed location.

Metro Vancouver residents have traditionally looked to recreational properties in the Okanagan and Fraser Valley, but now it’s Fraser Valley residents and others who are selling and heading for Vancouver Island, the Cariboo, Kootenays, Gulf Islands and other locations around B.C.

“As price appreciation across Greater Vancouver resumes its previous pace from a year ago, and homeowners accumulate more wealth, many prospective buyers have decided to forgo upsizing within the highly competitive Vancouver marketplace, electing to instead push outwards in search of recreational property,” said Jim Morris, Royal LePage manager for Western Canada.

“We are back to where we were a year ago, seeing a significant increase in prices across all product types.”

With affordability of all kinds of real estate an issue, interest is picking up in fractional ownership and micro-condos in for those who can’t afford the price of a full property.

As of May 2017, the aggregate price of a recreational property in B.C. was $595,077, the report says. U.S. demand remains strong with the relatively low Canadian dollar.

The 2017 Royal LePage Canadian Recreational Housing Report contains regional breakdowns for locations including 100 Mile House, Comox Valley, Mount Washington, Cranbrook, Kimberly, the Okanagan, Gulf Islands and the Sunshine Coast.

The full report is available on the company’s website.

Just Posted

Penticton Indian Band returns to the polls

The PIB is going to a byelection to fill empty seats on band council

Barker brings a mix of comedy and magic to Dream Café

Wes Barker is performing in Penticton on Nov. 24

Fintry Queen still looking for a home

Fintry Queen owner wants the tourist vessel in the Penticton Parks and Rec master plan discussions

Thefts from residences under investigation

Penticton RCMP are investigating two thefts from residences

Major grant bolsters Penticton doctors research on pain

Local research team is headed by Penticton rheumatologist

Tattooing couple opens new shop in Lake Country

Cody and Fabiana Philpott opened NSI Tattoo in August

David Cassidy, teen idol and ‘Partridge Family’ star, dies at 67

Cassidy announced earlier this year he had been diagnosed with dementia

Vigil held for woman whose remains were found on Shuswap farm

Family and friends remember Vernon resident Traci Genereaux and along with five other missing women

LETTER: Jumbo Valley is part of Ktunaxa territorial claim

Ktunaxa Nation Council responds to Tom Fletcher column

3,800-plant grow-op busted on First Nation reserve

Three men face charges after RCMP bust a large drug operation on the Soowahlie Reserve near Chilliwack

VIDEO: Government approves funding of $750,000 drug for B.C. woman

Approval comes one day after province announces funding for Soliris on a case-by-case basis

B.C. boy’s social media bid to get levidrome in the Oxford dictionary goes viral

‘It’s been five weeks and has totally blown up today.’

Whistler venues could see 2026 Olympic action

Calgary is looking to cut down on costs

Michael Buble announced as 2018 Juno host in Vancouver

Awards will celebrate Canadian talent in March

Most Read