Who doesn’t dream of a home-away-from-home vacation property on a picturesque lakeside somewhere?
A recent survey shows that sales of recreational property are on the rise across country and the prices are expected to appreciate by nearly six per cent this year, particularly in Alberta and British Columbia. Alberta is leading the way on recreational property purchases, reaching prices of $535,885 on average.
Retirees and baby-boomers are the ones driving up vacation property purchases, flocking to lakes and streams, the seaside and mountaintops, with an eye towards retirement or a secondary home to raise children.
However, a spike down in the recreational property purchases was reported due to the newly introduced speculation taxes in…