A wealthier population and highly desirable properties have significantly boosted activity
The recreational real estate segment in Quebec enjoyed robust growth in sales activity and modest price appreciation on an annual basis in 2019.
“Families looking for a winter recreational property are competing to buy in some of the most coveted areas at the start of the winter season, as high demand in the province's residential market continues to quickly absorb inventory, favouring sellers in many regions,” Royal LePage’s recently released Winter Recreational Property Survey stated.
The study found that the province’s major resort markets saw 1.8% year-over-year single-detached price growth in the quarter ending September 30, 2019 to reach $303,030. The same time frame also saw Quebec’s single-family home sales increase by 4.3%.
“Among the six condominium markets with enough sales to produce reliable data, all markets except Saint-Sauveur experienced a median price increase,” the report added. “The average price of a condominium for these reporting regions was $272,751, up 11.7% year-over-year, while sales increased a moderate 2.2% over the same period.”
Increasing dynamism in the recreational segment can be attributed to an assortment of positive situations reinforcing each other.
“A healthy economy, consumer confidence, and the province’s robust housing market are all factors that have driven buyers to purchase a secondary or main residence in the province's alpine markets,” Royal LePage Quebec vice president and general manager Dominic St-Pierre explained.
“The rise in recreational sales coincides with growing household incomes, providing additional budget to purchase a property. Low interest rates and a strong job market also motivate buyers.”
