Out-of-town property market continues to evolve
Canada’s recreational property market continues to transform itself, most recently the beneficiary of record-low interest rates, a new wave of retiring baby boomers and a favourable exchange rate, according to a recent survey.
The 2016 RE/MAX Recreational Property Report, which surveyed RE/MAX agents and brokers, noted the low Canadian dollar is having a positive effect on the country’s recreational property markets. Canadians, mainly boomers, who bought properties in the U.S. when U.S. real estate prices were comparably low are selling them at a profit and investing in Canadian recreational markets, it said.
The RE/MAX survey signaled out Canmore and Sylvan Lake as two of Canada’s top recreational property destinations. It noted retirees seeking an active lifestyle continue to be an important driver of demand in Canmore, where the median price (May 2015 to April 2016) was $533,090.