Dip in property inventory, coupled with an uptick in demand drives prices upward
HALIFAX, June 20, 2017 /CNW/ – The 2017 Royal LePage Canadian Recreational Housing Report1 released today found that recreational property prices across Nova Scotia increased slightly when compared to the same period last year, rising to an aggregate2 price of $260,700 in May 2017. When broken down by property type, the average price of a lakefront and riverside property was $310,000 and 216,900, respectively, while oceanfront residences and wood cabins typically costed $365,700 and $150,000 over the same period.
While sales have remained relatively flat year-over-year, inventory has decreased slightly across all recreational property types. Looking forward, sales activity in the region is forecasted to remain largely unchanged, as the province continues to experience more of the same across its balanced market.
“Nova Scotia’s recreational property market is extremely healthy – demand is up and inventory is only down slightly, resulting in a marginal bump in prices,” said Matt Honsberger, managing associate broker, Royal LePage Atlantic. “Buyers are increasingly feeling more comfortable with the market, and as a result, we’re beginning to see a lot of people look to Nova Scotia as an ideal recreational destination.”
According to Royal LePage’s network of advisors, when compared to other provinces, Nova Scotia has traditionally experienced a stronger-than-normal influence from foreign ownership, accounting for roughly 10 to 15 per cent of the total market. This trend has remained quite stable throughout the last couple of …