TORONTO — The aggregate price of a single-family home in Canada’s recreational regions is forecast to decrease 4.5 per cent in 2023 to $592,005, compared to 2022, according to a new report by Royal LePage.
The report attributes the decline to reduced demand as a result of economic uncertainty and a lack of available housing stock, which has helped to keep prices stable.
Despite the decrease expected this year, the national aggregate price would remain more than 32 per cent above 2020 levels, after two years of double-digit price gains in the country’s recreational real estate market.
With the exception of Alberta, which is expected to see a 0.5 per cent increase, all of Canada’s provincial recreational markets are forecast to see a decrease in single-family home prices in 2023. The province of Quebec is forecasting the greatest price depreciation, at negative 8.0 per cent.
In 2022, the aggregate price of a single-family home in Canada’s recreational property regions increased 11.7 per cent year-over-year to $619,900. This follows year-over-year price gains of 26.6 per cent in 2021.
When broken out by housing type, the aggregate price of a single-family waterfront property increased 9.5 per cent year-over-year to $736,900 in 2022, and the aggregate price of a condominium rose 16.6 per cent to $432,000 during the same period.
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