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Balance returns to recreational property markets across Canada this year, says RE/MAX Mississauga, ON (June 10, 2008) - After an extended period of extraordinary growth, more balanced market conditions have emerged in recreational property markets across the country, according to a report released today by RE/MAX. The RE/MAX Recreational Property Report found that a substantial increase in the supply of recreational properties listed for sale, combined with fewer buyers overall, characterized most recreational markets this year. Of the 45 markets surveyed, 91 per cent (or 41 markets) were in the transition stage, moving from strong sellers into balanced market conditions. The only exceptions were Salt Spring Island, two markets in Saskatchewan - Last Mountain Lake and Qu'Appelle Lakes and Lakes Candle, Emma, and Waskesiu -- and Newfoundland's East Coast - where inventory levels were relatively low. Affordability was a primary factor in 35 per cent of markets surveyed, given serious upward pressure on recreational values in recent years.
"Market conditions have shifted, but don't expect to see bargain basement prices or fire sales," says Michael Polzler, Executive Vice President and Regional Director, RE/MAX Ontario-Atlantic Canada. "The recreational market continues to experience solid demand -- a trend that is expected to continue throughout 2008. The influx of new listings has yet to translate into downward pressure on recreational property prices. Prime waterfront properties, while more plentiful than in year's past, will still command top dollar." Download Press release from REMAX |
