A getaway in the Nelson area. (FACEBOOK)

B.C. recreational property market rebounds

Lower Mainland, Fraser Valley residents cash out, head for the hills

B.C.’s recreational property market has bounced back after a dip caused by last year’s imposition of a foreign buyers’ tax on the Metro Vancouver market, according to a new report by real estate company Royal LePage.

The Lower Mainland real estate market has influenced pricing and sales of many of the province’s recreational markets, as prospective buyers consider “cashing out” their rapidly rising home equity and moving to a more relaxed location.

Metro Vancouver residents have traditionally looked to recreational properties in the Okanagan and Fraser Valley, but now it’s Fraser Valley residents and others who are selling and heading for Vancouver Island, the Cariboo, Kootenays, Gulf Islands and other locations around B.C.

“As price appreciation across Greater Vancouver resumes its previous pace from a year ago, and homeowners accumulate more wealth, many prospective buyers have decided to forgo upsizing within the highly competitive Vancouver marketplace, electing to instead push outwards in search of recreational property,” said Jim Morris, Royal LePage manager for Western Canada.

“We are back to where we were a year ago, seeing a significant increase in prices across all product types.”

With affordability of all kinds of real estate an issue, interest is picking up in fractional ownership and micro-condos in for those who can’t afford the price of a full property.

As of May 2017, the aggregate price of a recreational property in B.C. was $595,077, the report says. U.S. demand remains strong with the relatively low Canadian dollar.

The 2017 Royal LePage Canadian Recreational Housing Report contains regional breakdowns for locations including 100 Mile House, Comox Valley, Mount Washington, Cranbrook, Kimberly, the Okanagan, Gulf Islands and the Sunshine Coast.

The full report is available on the company’s website.

Just Posted

Pre-registration begins for Stave Falls school

Information collected will help board determine if the school should reopen

Bike lanes on Seventh Ave. pondered

Mission council listens to recommendations from Cycling Route Task Force

Chilliwack boy drops puck at Canucks fight cancer game

Carter Johnston, 11, fighting osteosarcoma and has a growing, prosthetic leg

Fundraiser supports Davidson family, legacy fund announced

Support continues in honour of fallen Abbotsford Police officer

Federal Conservative leader speaks to Mission business owners

Andrew Scheer was in Mission on Wednesday night, speaking at a chamber function

100,000 bulbs shine bright for Lights of Hope

St. Paul’s Hospital in Vancouver launched its annual campaign to raise funds for equipment, research

Nasty note on B.C. windshield sparks online outrage

Vernon’s Bailey McDonald is using a painful experience to start conversation about invisible illness

Federal funding to combat guns, gangs and opioid crisis

Public Safety Minister Ralph Goodale said illicit drugs are often main cause of guns, gangs violence

Riverview youth mental health centre proceeds

Replacement for Maples Treatment Centre first announced in March

Dead boy’s father posts Facebook response after Appeal Court upholds conviction

David, Collet Stephan were found guilty in their son Ezekiel’s 2012 death from bacterial meningitis

Giants trio on ‘watch list’ for NHL draft

Three members of the Vancouver Giants earning some looks from NHL scouts

Trudeau mania, Scheer enthusiasm in B.C. this week

Prime minister, Conservative leader drop in on Surrey, White Rock

Forecasters promote avalanche safety awareness to kick off season

Avalanche Canada advising backcountry enthusiasts to get proper training and equipment.

B.C. church defaced with disturbing anti-Christian graffiti

Staff at Crossroads United Church reported the vandalism to police late last week

Most Read