M2M Condos Phase 2 . The annual increase in holiday home prices is expected to be astonishing. Ontario is also the tallest in the country. The average price of holiday homes in Canada is expected to rise by an average of 5.8 per cent this year, according to the latest report released by royal real estate company (Royal LePage) on Tuesday.Please Visit: M2M Condos Phase 2 to Get Your VVIP Registration Today!
Purchasing power comes mainly from baby boomers (Baby Boomer), who are entering retirement age and so-called “Gen-Xers” buyers between the ages of 36 and 51. However, the average price of BC holiday homes is expected to fall 2.8 per cent, mainly because the capital of BC announced in February a speculative tax (Speculation Tax) to crack down on property speculation, leading many owners to sell properties other than their own homes to avoid taxes.
The report is based on a nationwide analysis of the results of a national poll of holiday home agents by Royal Real Estate, with an annual forecast of the trend for the year to the end of September 2018. The results showed that Ontario had the highest increase of 9.4 per cent, while the Atlantic province had the largest average decline of 8.1 per cent.
According to Phil Soper, president of Royal Real Estate, “driven by Canada’s strong economy, the domestic holiday home market will experience another strong year. At a time when prices and transactions in the metropolitan property market have softened, the demand for holiday homes in most areas remains strong. “
However, strong demand will not necessarily lead to a reduction in supply. Of all the holiday home trading experts interviewed, with the exception of Ontario, 48.2% of the inventory of holiday homes is expected to increase compared with 2017. This situation will be particularly prominent in BC, where prices are expected to fall slightly as many owners will sell vacation homes that are not self-occupied to avoid taxes, although about 40 per cent of professional brokers expect a rise in sales this summer.
The average price of a British Columbia holiday home is now more than 500000 yuan. Dinani (Adil Dinani), a consultant on real estate services for Royal Real Estate West, said: “in British Columbia, high housing prices have led many people to move away from the city to look for alternative ways to buy their own homes. In places not affected by the new speculative tax, such as Gulf Islands, holiday home prices will continue to be hot. “
Nationwide, 73.5 per cent of holiday home brokers say overseas owners account for less than 5 per cent of the holiday home market. More than 59% of the agents interviewed pointed out that Gen X is another major buyer of baby boomers’ foreign Canadian holiday homes, with the following main objectives and characteristics: looking for vacation homes within two hours of their main home; in line with their own living habits; as a potential post-retirement residence.