B.C.’s weekend cabins are sitting tight as buyers in the province’s recreational real estate market wait on the sidelines.
The weighted median price of a single-family home in the province’s recreational property market increased by 0.3 per cent in 2023 to $1,086,500 when compared to 2022, according to the report. However, the Royal LePage report is predicting a price increase of five per cent for single-family homes to $1,140,825 in 2024.
“The biggest question we've yet to answer in this market is what will happen with interest rates. We see pent-up demand lingering on the sidelines as buyers wait for the first highly anticipated rate cut by the Bank of Canada. We expect the pace of the spring market to be stable, returning to seasonal norms. That could quickly change as an interest rate cut will spark higher levels of activity,” Francis Braam, broker and owner of Royal LePage Kelowna, said in the report.