Recreational property prices rising

(BlackburnNews.com file photo)

According to Royal LePage, the aggregate price of a waterfront recreational property rose over 15% in the Huron and Perth region, as well as on the Bruce Peninsula.

The Royal LePage 2021 Spring Recreational Property Report notes that 87 % of recreational regions in the province have seen inventory decrease compared to what is typical, while 69% of Royal LePage property experts say their client’s properties are receiving a minimum of four offers when selling.

According to the report, the aggregate price of a house in Canada’s recreational property regions increased to $437,156 in 2020, a 16% increase year-over-year compared to 2019. In the same period, the aggregate price of a waterfront property increased 9.8% to $813,385.

For the Bruce Peninsula recreational region, the aggregate price for a single family recreational property house in 2020 was $405,000, up from $349,000 in 2019 (An increase of 16.1%). If the house is considered waterfront, that number rises to $590,000 in 2020, up 23.6% compared to 2019 ($477,500).

For the Mid-Lake Huron/Huron & Perth County region, the aggregate price for a single family recreational property house in 2020 was $407,150, up from $359,900 in 2019 (An increase of 13.1%). If the house is considered waterfront, that number rises to $550,000 in 2020, up 22.2% compared to 2019 ($450,000).

The report notes that the younger generation, those aged 25-35, is becoming an increasingly active segment of buyers. A recent survey found that 47% of Canadians in this age group would choose small town or country living, while 45% said they’d prefer to live in a city.

It’s also worth noting that according to research gathered for the report, access to high speed internet and the ability to work remotely are currently the top criteria for those seeking properties in Canada’s recreational regions, followed closely by four-season usability.