Will recreational homes be more affordable in 2023? Report predicts prices will dip
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.
Prices shot up 11.7 per cent year-over-year in 2022 for a single-family recreational home, according to the report, thanks to increased demand. That demand led to an “unusual” market that didn’t follow the typical trends from previous years, such as potential buyers typically looking at properties in the spring. Now, though, the recreational market will follow the urban markets and see a correction, according to Soper.
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