Sales of recreational real estate are in the midst of a MAJOR boom thanks to a growing number of people deciding to cut back on time spent in larger urban centers. According to a report from Royal LePage, recreational properties in Canada rose in value by 11.5% in 2020 and are expected to increase again by at least another 8% in 2021. Interest in all types of recreational property is soaring, this includes cottages, cabins, & RV lots, while the aggregate value of single-family homes in Alberta dropped by 7.6%
The COVID-19 pandemic is the largest reason for this trend. Now, it isn’t only the retiree demographic seeking a slice of paradise outside the busy urban markets; a new wave of pandemic-era buyers includes working professionals in their 30’s & 40’s. With more and more people now being able to work remotely, the hunt and demand for recreational property, like Raptor Ridge, is ramping up in a big way.
In fact, 86% of recreational property regions are reporting lower inventory as demand continues to outpace supply.
"The pandemic has affected enormous economic and health challenges upon the nation; it has also opened a world of possibility for thousands of Canadians," said Phil Soper, president and CEO, Royal LePage. "On lake and on sea, upon soaring mountain tops and on expansive farmlands, many Canadians are embracing a bold, new work-from-home doctrine."
Now that travel and vacation rental options are limited, if not eliminated, buyers have been snapping up recreational properties. Some of the must-have features for this current wave of recreational property buyers include reasonable maintenance costs, internet access and proximity to town to be close to amenities & recreational activities offered by urban conveniences.