A getaway in the Nelson area. (FACEBOOK)

B.C. recreational property market rebounds

Lower Mainland, Fraser Valley residents cash out, head for the hills

B.C.’s recreational property market has bounced back after a dip caused by last year’s imposition of a foreign buyers’ tax on the Metro Vancouver market, according to a new report by real estate company Royal LePage.

The Lower Mainland real estate market has influenced pricing and sales of many of the province’s recreational markets, as prospective buyers consider “cashing out” their rapidly rising home equity and moving to a more relaxed location.

Metro Vancouver residents have traditionally looked to recreational properties in the Okanagan and Fraser Valley, but now it’s Fraser Valley residents and others who are selling and heading for Vancouver Island, the Cariboo, Kootenays, Gulf Islands and other locations around B.C.

“As price appreciation across Greater Vancouver resumes its previous pace from a year ago, and homeowners accumulate more wealth, many prospective buyers have decided to forgo upsizing within the highly competitive Vancouver marketplace, electing to instead push outwards in search of recreational property,” said Jim Morris, Royal LePage manager for Western Canada.

“We are back to where we were a year ago, seeing a significant increase in prices across all product types.”

With affordability of all kinds of real estate an issue, interest is picking up in fractional ownership and micro-condos in for those who can’t afford the price of a full property.

As of May 2017, the aggregate price of a recreational property in B.C. was $595,077, the report says. U.S. demand remains strong with the relatively low Canadian dollar.

The 2017 Royal LePage Canadian Recreational Housing Report contains regional breakdowns for locations including 100 Mile House, Comox Valley, Mount Washington, Cranbrook, Kimberly, the Okanagan, Gulf Islands and the Sunshine Coast.

The full report is available on the company’s website.

Just Posted

UPDATED: Winston Blackmore’s appeal of polygamy charge underway

B.C. religious leader argues persecution due to religous beliefs.

Man who pledged to give B.C. hockey team millions charged with fraud

Mike Gould has since repaid $8,000 he allegedly owed Cranbrook restaurant, owner says

Concerns raised by Cranbrook Veterinarians following fatally ill dogs

Dog owners are urged to avoid the Cranbrook Community Forest after multiple dogs have fallen ill

MLA Shypitka not surprised by Site C decision

The Site C dam in the Peace River region will be moving… Continue reading

Columbia River Treaty to be renegotiated in early 2018

News came in a Tweet from the U.S. Department of State

Historic art restored at St. Eugene Church

The rejuvenation of a building of great historic and artistic significance continues at Aq’am.

WATCH: The week in review

A look at some of this week’s top stories in Cranbrook

New organization takes on distracted driving

Still in their early stages, Society Against Distracted Driving seeks to raise awareness, education

Me Too At Work: Sexual assault and harassment in the B.C. workplace

Introducing an in-depth look at who is affected and what can be done

Horgan says pot smokers may face same outdoor rules as cigarette smokers

B.C. is developing its rules on recreational marijuana

Truck driver volunteers to take dog lost in B.C. back home to Alberta

Frankie, a pit bull service dog, was found wandering in the Lower Mainland

B.C. teacher suspended after explicit images projected to class

Jeffrey Rohin Muthanna had been viewing porn on a school laptop for two years

Strong economy fuels housing sales in B.C.: report

Economist says demand for houses is being supported by a large number of millennials entering the market

Tequila, hammers and knives: what not to bring on an airplane

Vancouver International Airport staff provide tips on travelling during the holidays

Most Read