The national recreational property market is primed for growth this year and local officials expect there to be some growth here too.

The cross-Canada survey of Royal LePage’s recreational property specialists says national prices are set to increase 5.8 percent.

“I don’t believe we’ll see those numbers in our region, but I do expect a small growth in our marketplace,” says Sue Symons, broker of record with Royal LePage North Bay Real Estate.

She says the area has plenty to offer.

“We are seeing, this year, more shoppers turn in to buyers, as they see North Bay and area as a viable alternative to the more expensive markets that we border, ” she says.

Those areas include Muskoka and Parry Sound.

Symons says the four-laning from the GTA, a wealth of lakes, golf courses, the ski hill, trail systems and more are all benefits the North Bay area has to offer recreational property buyers.

In terms of average price, she says it’s a bit difficult to pinpoint locally because there are different options, locations and buyer wants and needs.

There’s also another ‘unique’ factor at play.

“There’s very little available on Trout Lake this year in that true cottage recreational market and much of what is available is being considered, ‘I can buy it, turn it into my full-time home’, people achieving that dream of lakefront living, year-round,” she says, pointing out much of what is available on Trout Lake is island property.

Symons also says local inventory is down a bit this year, not only with recreational properties, but the overall housing market.

She says it’s not really a concern though, because the local market is fairly balanced, so they don’t see the high highs and low lows like markets in bigger centres, like Toronto.

Recreational properties can range from $300,000 in the Tilden Lake area to anywhere from $300,000 to over $900,000 on Lake Nipissing.

The national survey found:
– The price of a recreational property in Canada is forecast to increase 5.8 per cent year-over-year to $467,764.
– Majority of provinces are also forecast to witness strong price growth, with Ontario and Alberta leading the way, rising 10.4 per cent and 8.9 per cent year-over-year to $535,885 and $770,100, respectively.
– No changes are expected in Sudbury where prices are: Lakefront – $275,000, Island – $225,000 and Non-waterfront $200,000.

 

Photo courtesy Pixabay.com

Filed under: Royal LePage North Bay Real Estate