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

Artwork inspires Glenlyon Norfolk student

A teen party turned philanthropic in the wake of an Artemis Place… Continue reading

Central Saanich veteran receives Legion of Honour from France

Kenneth Brind flew 30 bombing missions over France during the Second World War

Victoria hopes to have a fully electric bus fleet by 2030

Business plan to be created, region to request its use as a pilot community for project

Sooke rescinds bench letters, offers apology

District sent out letters asking $2000 for maintenance from those who purchased memorial benches

Six-year-old Sooke boy needs $19,000 a month to treat rare form of arthritis

Mother of sick boy asks government to help fund treatments

VIDEO: Oak Bay senior boys basketball takes Tsumura title

Junior and senior teams host Gary Taylor Classic starting Thursday

Horgan says pot smokers may face same outdoor rules as cigarette smokers

B.C. is developing its rules on recreational marijuana

Greater Victoria Crime Stoppers naughty list for the week of Dec. 12

Greater Victoria Crime Stoppers is seeking the public’s help in locating the… Continue reading

Truck driver volunteers to take dog lost in B.C. back home to Alberta

Frankie, a pit bull service dog, was found wandering in the Lower Mainland

Ladysmith woman who jumped from ferry meets rescuers

A local artist who survived five hours in the frigid waters of… Continue reading

B.C. teacher suspended after explicit images projected to class

Jeffrey Rohin Muthanna had been viewing porn on a school laptop for two years

Man who pledged to give B.C. hockey team millions charged with fraud

Mike Gould has since repaid $8,000 he allegedly owed Cranbrook restaurant, owner says

Strong economy fuels housing sales in B.C.: report

Economist says demand for houses is being supported by a large number of millennials entering the market

Tequila, hammers and knives: what not to bring on an airplane

Vancouver International Airport staff provide tips on travelling during the holidays

Most Read