BC's recreational region property prices climb during COVID-19

Buyers flock to Okanagan

The COVID-19 pandemic helped to drive up recreational region property prices during the first nine months of the year.

Royal LePage’s Winter Recreational Property Report found the aggregate price of a single-family home in B.C.’s recreational regions rose 12.9% year over year to $788,478. The real estate company is forecasting that the price of a B.C. recreational property will increase 8% next year as well.

According to the report, British Columbians “raced to snap up property” in the Okanagan, with strong demand also found for Whistler and Pemberton.

“2020 has forced us all to shift our perspective, especially when it comes to quality of life,” Royal LePage Kelowna broker Francis Braam said in a press release. “With travel and vacation rental options limited—if not completely eliminated—West Coast buyers have been snapping up recreational properties in the Okanagan.”

Most recreational regions reported people looking to buy in their areas were seeking a property where they could work remotely. Sixty per cent of regions surveyed reported a jump in retiree buyers as well when compared to 2019.

Overall in Canada, the price of homes in recreational regions increased 11.5% during the first three months of the year.

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