Real Estate

Will recreational homes be more affordable in 2023? Report predicts prices will dip - National

Recreational real estate across Canada could soon see a price dip after rising throughout the COVID-19 pandemic, according to a new report from Royal LePage.

The report, which analyzed data from Canada’s largest real estate company, predicts that on average, prices for a single-family recreational property in the country will drop 4.5 per cent in 2023, to $592,005 from $619,900 in 2022.

The report predicts that the biggest price drops will be seen in Ontario, where prices are expected to fall by five per cent, and in Quebec, where an eight-per cent dip is expected. Meanwhile, in the west, prices are only expected to fall two per cent in B.C. and rise slightly by 0.5 per cent in Alberta.

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Pricey cottage rentals stretching vacation budget for some Canadians

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The forecasted lowering in prices comes after a frenzy of activity in the market during the

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