B.C. now magnet for recreational-property buyers
Jim Jamieson
Province
Recently sold, this recreational property is in Spruce Grove, a short stroll from Whistler’s hot market.
B.C. is dominating the booming Canadian recreational-property market, according to a survey released yesterday by RE/MAX.
Thanks to B.C.’s robust economy and the burgeoning influence of the boomer generation, the province’s recreation destinations take up seven of the top eight spots on the RE/MAX list of average starting prices across Canada.
The RE/MAX study found that the 50-plus age group was fuelling unprecedented demand for two-thirds of markets surveyed.
“We are certainly seeing a full-on interest from that segment of the population,” said Elton Ash, regional executive vice-president RE/MAX of Western Canada.
“But the middle income, younger people are also interested. It’s a lifestyle thing.
“The economies in Alberta and B.C are strong, couples are working long days with kids in daycare and they want to improve their quality of life by spending time at the lake on weekends.”
Shuswap Lake is one of the fastest appreciating recreational property areas in the country.
The area’s average starting price has risen to $1 million from $250,000 in 2002.
“Two years ago you could have bought a lakefront property with a cabin for around $250,000 to $290,000,” RE/MAX agent Karen Singbeil said. “We sold a teardown last year for $920,000.
Singbeil said this property, 1.5 acres on Mara Lake, was bought and sold by Calgary families.
Because of easy access, Shuswap Lake is a popular investment for Albertans, she said.
Whistler RE/MAX agent Mike Wintemute said over the past year the resort has experienced a five-to-10-per-cent increase in single family detached prices.
Wintemute recently sold a two-year-old, four-bedroom house in the Spruce Grove area just north of Whistler town centre for $1,345,000 to a family from the United Kingdom.
“We have seen the number of U.K. visitor and buyers increasing,” said Wintemute.
“Often it’s cheaper to fly here and do a ski trip than it is for them to go to Switzerland or France. And it may be cheaper than recreational property in the U.K.”
RE/MAX agent Li Read said a growing number of property buyers on the Gulf Islands are from out of country.
“People would love to live in a pristine Stanley Park environment, and there is a lid on development so that’s why we’re expensive,” she said.
“I sold an ocean-view property for $3 million in June and sold it again in August for $3.75 million. That told me we had come to an international buyer.”
RE/MAX agent Alex MacDonald said Harrison Lake — at $550,000, No. 8 on the list — continues to be popular with Lower Mainland buyers but has a shortage of property on the market.
“People are investing in second properties, because they don’t want to get into the stock markets,” he said.
“They see it as a good investment opportunity.”
Ash said the survey didn’t include Quebec as there was a difficulty attaining overall market data.