Shoppers flock to Okanagan
Photo: The Canadian Press
The COVID-19 pandemic contributed to an increase in property prices in recreational areas in the first nine months of the year.
Royal LePage’s Winter Recreational Property Report found that the total price of a single family home in the recreational areas of BC rose 12.9% year over year to $ 788,478. The real estate company predicts that the price of a recreational property in British Columbia will continue to rise 8% over the next year.
According to the report, British Columbians ran “to snatch property” in the Okanagan, with strong demand for Whistler and Pemberton as well.
“2020 has forced us all to change our perspective, particularly on the quality of life,” said Francis Braam, broker for Royal LePage Kelowna, in a press release. “With travel and vacation rental options limited – though not entirely – west coast buyers have bought recreational properties in the Okanagan.”
Most resort areas reported that people looking to shop in their areas were looking for a property to work remotely on. 60 percent of the regions surveyed also stated an increase in retirees buyers compared to 2019.
Overall, the price of homes in resort areas in Canada rose 11.5% in the first three months of the year.
