December 07, 2020, by Ross Lord
Phil Soper, president and CEO of Royal Lepage, says home prices are up about 10% this year â€” double the long-term average and the coronavirus pandemic is part of the reason.
To the end of September, year-over-year home prices in recreational property markets soared, driven by â€œCanadiansâ€™ ability to work remotely.â€ The aggregate price of a single-family home in the recreational market rose 11.5% to $453,046. The aggregate price of a waterfront property increased by 13.5% to $498,111.
Royal LePage doesnâ€™t see the trend letting up â€” itâ€™s forecasting demand and prices for recreational properties will keep increasing in the new year.
What does this mean?
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