Alberta’s recreational property values — particularly those near Edmonton and Calgary — are on the rise, a new market report says.
Recreational properties near the two cities have begun to see their markets turn a corner, with slight year-over-year price increases so far in 2017, shows the 2017 Royal LePage Canadian Recreational Housing Report.
Average regional prices in Alberta include:
• Pigeon Lake: $450,000 for lakefront property; $315,000 for woodland cabin, not waterfront; $236,000 resort/condo
• Wabamun Lake and Lac St. Anne: $516,000 for lakefront property; $242,400 for woodland cabin, not waterfront
• Sylvan Lake: $1 million for lakefront property
• Pine Lake: $600,000 for lakefront property
• Canmore: $2.75 million for riverside property; $790,000 for resort/condo property
“Sales activity in Pigeon Lake is starting to pick up, driven by the improving Alberta economy and buyers purchasing properties for retirement in what is one of the province’s more affordable recreational markets,” Barbara Howey, with Royal LePage Parkland Agencies, said in a release.
Most buyers in Alberta are willing to drive up to two hours away from their primary residence to find their ideal recreational property, with four hours being the maximum, the report found.