{"id":21830,"date":"2023-05-10T11:11:00","date_gmt":"2023-05-10T18:11:00","guid":{"rendered":"https:\/\/www.roryc.ca\/blog\/?p=21830"},"modified":"2023-04-28T11:35:10","modified_gmt":"2023-04-28T18:35:10","slug":"recreational-market-activity-in-whistler-more-vibrant-than-on-vancouver-island","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2023\/05\/recreational-market-activity-in-whistler-more-vibrant-than-on-vancouver-island\/","title":{"rendered":"Recreational Market Activity in Whistler More Vibrant Than on Vancouver Island"},"content":{"rendered":"<p style=\"text-align: justify;\">Generation X is driving activity in BC\u2019s recreational property market in areas like Vancouver Island and Whistler, according to Re\/Max Canada\u2019s 2023 Cottage Trends report.<\/p>\n<p style=\"text-align: justify;\">This generation \u2013 made up of families, couples and retirees \u2013 is propelling demand in these areas with the hope of passing on the property to family in the future. Across Canada, 74% of owners feel confident that they will be able to seamlessly pass down their recreational property to family, according to a Leger survey conducted on behalf of Re\/Max Canada.<\/p>\n<p style=\"text-align: justify;\">\u201cValues will just continue to increase over time and the recreational property market has just continued to be very attractive for people because of that,\u201d Elton Ash, regional executive vice-president at Re\/Max of Western Canada, said after the report\u2019s April 27 release.<\/p>\n<p style=\"text-align: justify;\">The ability to work from home has also driven demand for recreational properties following the height of the pandemic.<\/p>\n<p style=\"text-align: justify;\">\u201cThere\u2019s a blurring of lines between work and recreational lifestyle, [and] the ability to, in some instances, buy recreational property as a principal residence and enjoy that lifestyle and remain able to work there,\u201d Ash said.<\/p>\n<p style=\"text-align: justify;\">He said there was heightened activity in Kelowna, and the areas surrounding SilverStar Mountain Resort and Big White Ski Resort this past winter.<\/p>\n<p style=\"text-align: justify;\">\u201cBuyers are still a little cautious given market interest rates and economic influences. Alberta is doing very well, though, in that regard. And so Alberta drives a lot of the recreational market in British Columbia, especially when we look at the Windermere Valley into the Thompson-Okanagan region,\u201d Ash said.<\/p>\n<p style=\"text-align: justify;\">The average residential price in Whistler decreased by 13.4% to $1,623,452, between the first quarter of 2022 and 2023. Prices increased in Ucluelet 12% to $764,000 during the same time period, while Tofino had no sales in the first quarter of 2023.<\/p>\n<p style=\"text-align: justify;\">The lack of American buyers contributed to the muted activity on Vancouver Island, with Seattle buyers previously accounting for a notable segment of the market, according to Ash.<\/p>\n<p style=\"text-align: justify;\">American investment primarily drove market activity in these areas in the early to mid-2000s. Ash attributed the dampened activity to unfavourable economic conditions rather than Canada\u2019s foreign buyer ban.<\/p>\n<p style=\"text-align: justify;\">\u201cUcluelet and Tofino have historically had a strong American influence in that market. It&#8217;s not surprising that that was muted because they&#8217;re going through a greater economic adjustment than what Canada is,\u201d he said.<\/p>\n<p style=\"text-align: justify;\">Buyer confidence is expected to increase this year as the months grow hotter, according to the report.<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/biv.com\/article\/2023\/04\/generation-x-leads-buying-activity-bcs-recreational-property-market-report\" target=\"_blank\" rel=\"noopener\">Re\/Max Report : Generation X Leads Buying Activity in BC Recreational Property Market<\/a> by Claire Wilson | BIV<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Generation X is driving activity in BC\u2019s recreational property market in areas like Vancouver Island and Whistler, according to Re\/Max Canada\u2019s 2023 Cottage Trends report. This generation \u2013 made up &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2023\/05\/recreational-market-activity-in-whistler-more-vibrant-than-on-vancouver-island\/\">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-21830","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Recreational Market Activity in Whistler More Vibrant Than on Vancouver Island &#8226; 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=\"https:\/\/www.roryc.ca\/blog\/2023\/05\/recreational-market-activity-in-whistler-more-vibrant-than-on-vancouver-island\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Recreational Market Activity in Whistler More Vibrant Than on Vancouver Island &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"Generation X is driving activity in BC\u2019s recreational property market in areas like Vancouver Island and Whistler, according to Re\/Max Canada\u2019s 2023 Cottage Trends report. 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