Real Estate

Prices expected to soften amid waning activity

National aggregate house price forecast to dip 4.5% in national recreational market in 2023 as sidelined buyers wait for more inventory, economic stability

Highlights:

  • The aggregate price of a single-family home in Canada’s recreational property market increased 11.7% year-over-year to $619,900 in 2022

  • Nationally, the aggregate price of a single-family waterfront and condominium property increased 9.5% and 16.6% year-over-year, respectively, in 2022

  • Condominiums in Quebec’s recreational property market recorded the highest provincial year-over-year aggregate price appreciation in 2022, rising 22.3%

  • Alberta is the only provincial recreational market expected to see price appreciation in 2023 (+0.5%)

  • Quebec and Ontario expected to see the largest recreational property price decreases in 2023, with forecasted declines of 8% and 5%, respectively, compared to 2022

  • More than half (57%) of recreational property experts across the country reported lower inventory than last year in their respective regions, and 65% reported reduced inventory compared to typical pre-pandemic

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