The market for cottages and other recreational properties in Quebec should experience the strongest increase in the country in 2022, according to a study by broker Royal Lepage, which also notes that prices should be much more favorable to buyers.
The results of the study released Wednesday reveal that the aggregate of this category of properties across the province is expected to increase by 15% in 2022 to reach $356,500.
“Two years into the pandemic, multiple offer scenarios continue to be commonplace. In some cases, properties can sell for between $100,000 and $125,000 more than the asking price, depending on the region and the condition of the property,” said Éric Léger, licensed real estate broker at Royal. LePage Humania in the Laurentians.
“Recall that before the pandemic, properties in the area rarely sold at or above the listing price. At the dawn of the spring market, demand for recreational properties remains strong in the Laurentians and in all resort centers in the province of Quebec. Similar to last year, demand for waterfront properties should continue to drive activity in the area.”
In 2021, the aggregate price of a single-family home in the province’s recreational markets rose 24.8% from a year earlier, to $310,000. Over the same period, the price of waterfront properties rose 26.4% to $421,000, while condominium prices rose 5.5% to $421,000. set at $270,000.
Baby boomers would be among the most interested in buying a property in a so-called recreational zone. Among the 29% of this generation who plan to buy a primary residence in the next five years, nearly two-thirds indicated that they would like to settle in a rural or recreational area, which might lead to the arrival of approximately 400,000 people in the recreational real estate market during this same period.
Nationally, Royal LePage forecasts that the aggregate price of property in recreational areas will increase 13% in 2022 compared to 2021.
The survey was conducted online with 151 real estate agencies and brokers in Canada, between March 1 and March 18, 2022.