Alberta to lead in recreational property value increases, with Canmore front of the pack
Canmore looking at increases between 9.8% on townhouses and 14.5% on riverside properties
Alberta is expected to join Ontario in leading the country in recreational property value increases this year with Canmore near the top, according to a national real estate forecast.
Vacation properties in Alberta are forecast to grow by 8.9 per cent this year, says a new Royal LePage report out Wednesday. That puts the average value of a recreational property in Alberta at $770,100, up from $706,950 in 2017.
Ontario, which leads the country, is looking at a 10.4 per cent increase, pushing the average price to $535,885 from $485,551 in 2017.
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That compares to a national average of a 5.8 per cent increase.
Royal LePage real estate broker Tom Shearer said in Alberta, Canmore is leading the way.
"It's very beautiful there," Shearer told CBC News.
"You can buy property there. And I think after the year where almost everyone went to the mountain parks because they gave away free access, people are very fond of the area and wanted to come back year over year."
And the laws of supply and demand are in full force in the Rocky Mountain town about 100 kilometres west of Calgary.
"Canmore is by far one of the most popular destinations in the country. People from all over the world go to visit. And there's a very limited selection of what you can find there."
Depending on the type of property, Canmore is looking at increases from 9.8 per cent on townhouses to 14.5 per cent on riverside properties.
Prices in neighbouring British Columbia are expected to drop this year, by 2.8 per cent, with the recently imposed real estate speculation tax.
With files from CBC's Brooks Decillia