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

Parksville-Qualicum MLA questions minister over homeless housing project

Stilwell seeks clarification in response to community opposition

Emergency preparedness expo coming to Qualicum Beach Saturday

Experience an 8.0-magnitude earthquake in Shake Zone simulator

Parksville author reeling in reluctant readers

Jocelyn Shipley’s latest book meant to engage teens who don’t yet love to read

Qualicum Beach rain garden receives award

Green project honoured by Vancouver Island Real Estate Board awards

Ravensong Waterdancers perform well at regional meet

Mable Moran Regional Championships held in Richmond

VIDEO: Kwalikum students featured in fashion show

Event a fundraiser for dry grad event

Parksville resident interrupts break and enter

Two reported break and entries on Gaetjen Street

Former Social Credit MLA dies at 88

Lyall Hanson was mayor of Vernon in 1981 and moved to provincial politics from 1986-96

WATCH: Officers recognized at 10th anniversary of anti-impaired driving program

Alexa’s Team has grown from 26 members in 2008 to the current 2,400

Police searching for escaped prisoner in B.C.

Ralph Whitfield Morris, 83, is serving a life sentence for second-degree murder

B.C. set to introduce pot laws, but years of fine tuning likely: minister

Legislation regulating recreational marijuana is expected to be introduced Thursday

Arrests made after truck crashes into unmarked police cars in Nanaimo

Two men facing numerous charges after allegedly fleeing scene on the mid-island

Canadian driver uses lawn chair as driver’s seat, gets caught

Ontario police detachment caught the male driver during a traffic stop

B.C. moves to restrict pill presses in opioid battle

Minister Mike Farnworth says federal law doesn’t go far enough

Most Read