Canadian recreational house prices forecast to increase 15% in 2021
Market Video Report - By Royal LePage
Based on a report by Royal LePage the aggregate price of a house in Canada’s recreational regions is forecast to rise by 15% in 2021 to around $502,730. meanwhile, there is much more demand than there is supply in the market. There are simply more people in the market who want to buy a home.
From the beginning of the pandemic when traveling was not an option and people could work from home, demand for recreational homes increased. High-speed internet and remote work made it possible for people to live anywhere they like.
Among the other cities, Ontario and Atlantic Canada are forecast to see a bigger increase in the pierce of recreational homes around 17%. On the other hand, Quebec and BC might see a smaller increase around 15% and 13% respectively.
This situation has resulted in homes getting multiple offers where homes sell more than the asking price which pretty new in the Canadian housing market. This is pretty frustrating for homebuyers and also for their agents. Home sellers are worried they can’t buy a home before they sell due to the fast pace of increasing prices.
47% of Canadian aged 25 to 33 years old say they would rather live in a small town or in the country compared to 45% who wish to live in a city. The first group believes the remote-work option is an important factor while choosing a job.
