{"id":13279,"date":"2019-08-06T10:10:27","date_gmt":"2019-08-06T17:10:27","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=13279"},"modified":"2019-07-27T10:55:36","modified_gmt":"2019-07-27T17:55:36","slug":"bc-recreational-home-prices-are-still-rising","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2019\/08\/bc-recreational-home-prices-are-still-rising\/","title":{"rendered":"BC Recreational Home Prices are Still Rising"},"content":{"rendered":"

Despite recent reports of BC recreational property sales slowing down, a new Re\/Max study released July 23 has found prices of the province\u2019s vacation homes are still rising.<\/p>\n

The median sale price of property across BC\u2019s key recreational regions is up 8% compared with this time last year, found the study. However, the annual percentage change varies wildly, depending on the location.<\/p>\n

In Tofino, for example, the median price of a home is up 35% year over year, and that rises to a staggering 80% increase for waterfront properties. On the flip side, homes in Whistler and Squamish have declined in value by 9% on an annual basis.<\/p>\n

The areas included in the study were Tofino, Uclulet, Comox Valley and Mount Washington (combined), Whistler and Squamish (combined), 100 Mile House, North Okanagan, Sun Peaks, Kelowna, Shuswap and the Gulf Islands.
\n\"\"<\/a>
\nSource : Re\/Max<\/p>\n

Elton Ash, regional executive vice-president, Re\/Max of Western Canada, told Glacier Media that areas seeing big increases in prices, such as Tofino, were outliers because of their market size. \u201cWhen you look at Tofino, there\u2019s been specific demand for homes on the waterfront, so it\u2019s hypersensitive to what people are looking for, but also the market size.\u201d Ash said that with only a handful of waterfront homes on Tofino\u2019s MLS in any given year, seeing huge fluctuations in the median sale price is not surprising and doesn\u2019t necessarily indicate a trend.<\/p>\n

However, Ash admitted to being surprised by the results of the survey showing that recreational prices across the province had increased overall, considering that actual sales of vacation homes had been \u201capproximately flat\u201d compared with last year.<\/p>\n

He pointed to the median price declines seen in the larger combined market of Whistler and Squamish, and said, \u201cThis is probably more representative of an overall market, simply because of the size of the market, and truly being a recreational market. So we\u2019re looking at contradictions between markets such as Tofino and Whistler.\u201d<\/p>\n

Ash added that the relatively modest six per cent increase in Kelowna waterfront property prices was also \u201cmore representative of what\u2019s going on across the entire market.\u201d He pointed out that the Kelowna figures included waterfront condos, which are more plentiful and priced lower, as well as detached waterfront homes. \u201cThere\u2019s been fairly significant volume of waterfront property sales in the Okanagan this year, so it gives a little bit of a broader example. And the Okanagan is a true destination for Canada, and waterfront is a finite product.\u201d<\/p>\n

Ash recalled the recent Re\/Max study that found young people are driving the recreational property market, now that the oldest of the cohort are reaching their higher earning power and often have young families. He added that they have taken over from their parents\u2019 generation \u2013 the baby boomers \u2013 in being the biggest driver of the vacation home market, \u201cbut they are still turning to the Bank of Mom and Dad, the baby boomer bank, for help with these purchases.\u201d<\/p>\n

Ash said that another trend is for millennials to eschew buying a home in too-expensive urban areas, instead buying their primary residence in a recreational area for better value and lifestyle, often while maintaining a rented home in the city of their employment. \u201cThese millennials can often work remotely and spend five-day weekends at the recreational home. So they want properties within a two-hour drive and with wifi connectivity. And with Airbnb and VRBO, when these millennials are not using the property, they can get some cash to cover some of their expenses.\u201d<\/p>\n

BC’s Recreational Home Prices Robust Overall, But Highly Variable<\/a> by Joannah Connolly | Glacier Media Real Estate | Business in Vancouver<\/p>\n","protected":false},"excerpt":{"rendered":"

Despite recent reports of BC recreational property sales slowing down, a new Re\/Max study released July 23 has found prices of the province\u2019s vacation homes are still rising. The median … [read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-13279","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"\nBC Recreational Home Prices are Still Rising • Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.roryc.ca\/blog\/2019\/08\/bc-recreational-home-prices-are-still-rising\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"BC Recreational Home Prices are Still Rising • Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Despite recent reports of BC recreational property sales slowing down, a new Re\/Max study released July 23 has found prices of the province\u2019s vacation homes are still rising. 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