Amid continuously elevated home prices in Metro Vancouver—with the benchmark price of a detached house in the city now at $1.3 million, and that of a condo unit at $600,000—the province’s recreational real estate market is proving to be among the top destinations for those seeking affordable cottages and waterfront properties.
Rudy Nielsen of NIHO Land & Cattle Company Ltd., which is considered B.C.’s single largest land holder, specifically pointed at Cariboo as the area that offers the greatest recreational value. Aside from easy access to lake waters, Cariboo offers readily purchasable properties, with the average price paid for a recreational title standing at $87,845 this year.
The title for a 6.8-acre parcel on Francois Lake in the high Cariboo is currently available for $41,000, featuring easy access to a wide range of amenities such as a nearby resort with a store, a restaurant and a boat launch.
Vacation properties across the province have been seeing increased demand recently—a development spurred on by denizens of Metro Vancouver continuously snapping up cottages situated within reasonable travelling distance from the city, according to Royal LePage Western Canada manager Jim Morris.
Released late last month, the latest edition of the Royal LePage Canadian Recreational Housing Report noted that B.C. recreational properties now sell for an average of $595,077, with the most expensive ones in Okanagan Lake or the Gulf Islands going for roughly 2 up to 4 times the average cost.
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