According a recent study by Re/Max, the temperature isn’t the only thing heating up this summer. The reality company’s 2011 Recreational Property Report says that the western Canadian vacation property market is also on the rise, fueled in large part by Albertan buyers who are beginning to feel benefits from the improving provincial economy. Historically low mortgage rates and a buyers market are also contributing factors putting the possibility of a second home back within reach for many Albertans.
Close to home, properties on Sylvan Lake are popular with, “oil and gas executives with young families from Edmonton and Calgary”, says the report. A prime waterfront property now has a price tag of $800,000, a big drop from $1.25 million previously and a non-waterfront property now comes in at a more reasonable $249,000.
A surplus of condominiums having been built just prior to the recession has contributed to a softening of market conditions in Canmore. A two bedroom, 2 bath condominium townhouse in this popular Rocky Mountain resort town has come down about $90,000 to $229,000 from $320,000 and a hotel-style condo can be had for as low as $215,000.
A little farther afoot in British Columbia, Okanagan and Shuswaps properties are hot with Albertans, where lake front condos can now be snapped up for about $262,000. If you like to hit the slopes as well as the water, hotel style condos can start at $85,000 on the popular Apex Mountain Ski Resort in South Okanagan and if you have a higher price point, the report states that,
“Great deals are to be had, especially in the upper-end of the market”.
Properties on Lake Okanagan, Skaha and Osoyoos are now going for $700,000 to $800,000, “a value not seen in years”, according to the report.
Did you know that First Foundation can assist you with you with the purchase of your dream vacation property including the refinance of your primary home to create downpayment funds? Lenders have particular guidelines for the different types of vacation properties so be sure to speak with one of our experience mortgage brokers before you shop for that perfect place for your deck chairs.
Click here to check out the 2011 Re/Max Recreational Property report for yourself to find the best deals on vacation properties across the country.