Did the early snowfall get you thinking about skiing and snowboarding? According to a recent report, now may be the time to invest in one of Canada’s winter recreational property markets.
According to Royal LePage, Mont-Tremblant had the highest median price appreciation in Canada for single-family homes and condos over a 12-month period (ending September 30, 2019). The median price of a single-family home in Mont-Tremblant went up 37.3% to $583,500, while the median price of a condo unit increased 37.8% to $232,500.
There was a spike in sales in the upper-end of the housing market in Mont-Tremblant, with high activity among Canadians and international buyers.
The other major winter recreational property market in Canada is Whistler, where the median price of a single-family home actually fell 13.8% to $2,391,979. The median price of a condo increased 5.2% to $884,227. Royal LePage says the price moderation is due to a lack of confidence in the British Columbia’s market due to taxes that impact foreign buyers and luxury properties.
In Collingwood, Ontario, there were 98 residential property transactions exceeding $1 million over the last year, bringing the median price of a single-family home up 8.3% to $525,000. The median price of a condo jumped nearly 7% to $385,000.
"Demand remains strong among buyers who are purchasing retirement properties in Collingwood," said Rick Crouch, broker and manager, Royal LePage Locations North, in a release. "They're cashing out in the GTA and buying a similar-sized, or an even bigger property, to enjoy year-round activities and amenities in Collingwood."
In the Blue Mountain area as a whole, the median price of a single-family home jumped 4% to $780,000, while the median price of a condo increased 4.2% to $369,000. With price growth expected to remain steady, perhaps this is where you should be investing to generate income from a rental property.
There’s been evidence of younger buyers looking to buy recreational properties outside of the city as opposed to a home in an urban or suburban area. As prices in the GTA continue to climb, perhaps we’ll see more young buyers continuing to rent in the city and investing in areas like Collingwood.