Even though residents of the Pacific Province continue to love their R&R, sales are down when it comes to recreational homes. In fact, recent statistic show the sales of recreational property in British Columbia are down more than 22% over the same time last year. Low inventory, however, has been keeping prices steady.
The most popular area for recreational property sales in the province continues to be in the central Okanagan Valley. Prices for single family residential homes in the area have decreased by about 3% over last year. The average home here is about $640,000. Even though sales are down, buyers from other provinces as well as international purchasers are still enticed to the area. Many more millennials are choosing to purchase in the Valley since prices are more affordable than they are on the coast.
In fact, more than 55% of British Columbia millennials are in the market to buy recreational property — up 14% from 2018. Baby boomers also still prefer the Okanagan for leisure activities as well as for buying recreational properties. Realtors view the sales drop as bringing the market more into balance and are not looking at numbers at all negatively.
Real estate purchases and sales have many variables which can affect them. Having a British Columbia lawyer advise on contracts and how market conditions may affect purchases can be essential in any potential deal making. The role a lawyer plays in real estate transactions is integral. He or she not only will ensure that all laws are being adhered to, but may help a deal to close without any legal snags.