New Brunswick’s rural recreational property segments witnessed a modest yearly rise in price, as stated by statistics from the 2017 Royal LePage Canada recreational Housing Report published earlier this week.
This development offset weaker prices in New Brunswick’s metropolitan markets, according to the finding. Recreational properties in the province moved to an average of $179.500 in the month of May.
Provincially, rural recreational markets around New Brunswick met a little increase in pricing as an effect of competitively priced waterfront enumerations pulling more purchasers, and retirees electing to stand gently and avoid discretionary purchases like a recreational property.”
Southeast New Brunswick was a symbol of the prevailing tendency, with recreational property sales and prices slightly rising over the last years, and supply falling as Canadians within the age of 55 and above continue to sell their properties.
As of May 2017, the average price of riverside property within the region was $175.000, while oceanfront properties, woodland cabins, and recreational condos were sold for $350.000, $32.000 and $179.000 respectively.
“We have witnessed a decrease in the amount of waterfront properties entering the market for the very first time in 8 years,” Royal LePage Atlantic Sales representative Norah Higgerty stated. “With less available inventory and a slight rise in demand, our market has shifted from a strong purchaser’s market to one that is more balanced.
Royal LePage Gardiner Realty broker and manager Chris Pitman said this number should be seen in light of the current economic realities in the province.
“As several New Brunswick- born interprovincial workers are entering the province back, they are primarily venturing into the housing market, avoiding more discretionary purchases at this time. As a consequence, there is a wealth of recreational properties stocked on the market, and this will likely not change until job opportunities in the oil industry becomes stable or recent entrants and retirees create a strong enough sense of demand to move the needle.”