Canadian Recreational Property Buyers Skipping U.S. for Canadian Winter Properties
February 23rd, 2008 Categories: Fifty-five plus, Investing in Real Estate, Real Estate News
Trying to decide between buying a ski chalet or condo in Canada and property in Florida? Many Canadians are making the choice to buy closer to home.
“More Canadians are choosing to buy recreational homes in Canada” says a recent Report on Winter Recreational Property published by Royal LePage:
“While sunshine states such as Florida and Arizona have long enticed Canadians to purchase their winter retreats in warmer-weathered American cities, the uncertainty clouding the U.S. housing market has many Canadians favouring properties north of the border.
In fact, 36 per cent of Canadians who own a winter recreational property or who are considering purchasing one cite they are more inclined to buy a property in Canada than in the U.S. because of the economic uncertainty plaguing our southern neighbours.”
Here are some of the findings of the poll (conducted for RLP in January 2008 by Angus-Reid):
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Strong demand combined with limited mountain-based properties has prices ranging from $180,000 to $850,000 in Quebec, $400,000 to $1 million in Collingwood, and $450,000 to $2 million in British Columbia for a standard detached, mountainside, three-bedroom chalet.
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A shortage of listings in areas of high demand, such as Whistler and Fernie, has led to property prices appreciating by as much as 10 and six per cent, respectively, in the past year.
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More and more European buyers are being attracted to purchase property in prime ski areas such as Mont Tremblant, Canmore, Whistler and Fernie.
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Eight per cent of Canadians own a winter recreational property or are considering purchasing one in the next three to five years.
You can access the full report in pdf format.
While Canadian recreational properties are a good investment, there are still good buys to be had in Florida, Arizona and other U.S. states. Call Hilary for connections to good local referral partners in Canada and the U.S.
This entry was posted on Saturday, February 23rd, 2008 at 2:11 pm and is filed under Fifty-five plus, Investing in Real Estate, Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
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