Stage is set for one of the best recreational property markets in years, says RE/MAX
Greater affordability, increased selection, and pent-up demand also key factors in 2011 season
Canada’s recreational property market is gaining serious traction as savvy purchasers take advantage of ideal conditions, setting the stage for what is expected to be the best market in recent years, according to a report released today by RE/MAX.
The 2011 RE/MAX Recreational Property Report, examining sales and trends in 46 markets across the country, found that substantial equity gains and recovering stock portfolios in major centres have contributed to an upswing in demand from coast to coast. Demand rose in 78 per cent of markets, while sales were up or on par in 41 per cent of recreational centres. Inclement weather, including a late thaw and an abundance of precipitation, resulted in a slow start in many areas, but should be offset by stronger peak season activity. While starting prices have remained relatively stable across the board, there are deals to be had in virtually every region – especially at the top end. Luxury sales, as a result, have climbed in almost half of the markets examined. Inventory levels are healthy throughout the country, although there has been some tightening reported at entry-level price points in about one-third of markets. Some of the best selection of product in recent years is now available.
Buyers who held off during the recession are back in recreational property markets from coast-to-coast. Their patience has been rewarded with more affordable recreational values and greater inventory levels. It’s the perfect storm, as ideal market conditions dovetail with wealth recovery.
The report also found that Americans are cashing out—especially in Ontario and Atlantic Canada. For many, the timing has never been better. The vast majority purchased in Canadian markets when the dollar fell to 65 cents. These sellers are now taking advantage of price appreciation and the currency exchange more on....
http://ping.fm/aN6If
Greater affordability, increased selection, and pent-up demand also key factors in 2011 season
Canada’s recreational property market is gaining serious traction as savvy purchasers take advantage of ideal conditions, setting the stage for what is expected to be the best market in recent years, according to a report released today by RE/MAX.
The 2011 RE/MAX Recreational Property Report, examining sales and trends in 46 markets across the country, found that substantial equity gains and recovering stock portfolios in major centres have contributed to an upswing in demand from coast to coast. Demand rose in 78 per cent of markets, while sales were up or on par in 41 per cent of recreational centres. Inclement weather, including a late thaw and an abundance of precipitation, resulted in a slow start in many areas, but should be offset by stronger peak season activity. While starting prices have remained relatively stable across the board, there are deals to be had in virtually every region – especially at the top end. Luxury sales, as a result, have climbed in almost half of the markets examined. Inventory levels are healthy throughout the country, although there has been some tightening reported at entry-level price points in about one-third of markets. Some of the best selection of product in recent years is now available.
Buyers who held off during the recession are back in recreational property markets from coast-to-coast. Their patience has been rewarded with more affordable recreational values and greater inventory levels. It’s the perfect storm, as ideal market conditions dovetail with wealth recovery.
The report also found that Americans are cashing out—especially in Ontario and Atlantic Canada. For many, the timing has never been better. The vast majority purchased in Canadian markets when the dollar fell to 65 cents. These sellers are now taking advantage of price appreciation and the currency exchange more on....
http://ping.fm/aN6If
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