Thursday, 26 June 2014

Recreational property values enjoy major rebound in some areas of B.C.

Three Vancouver Island locations, as well as Kelowna, are enjoying a recreational-property resurgence, a new RE/MAX report has shown.

The median price in Tofino on Vancouver Island leaped ahead 24 per cent from May 2013 to May 2014, with nearby Ucluelet recording an 11-per-cent jump in the same period. Mount Washington the Vancouver Island ski resort and the year-round getaway of Kelowna had housing prices climb seven per cent in the last year.
Part of this is Canadians are once again finding value north of the border, after a serious housing slump in the U.S. and a powerful loonie saw many choose Phoenix over the Okanagan when it came to getaways.
Now with the U.S. market rebounding, prices are up 25-30 per cent in Phoenix and a diving dollar trading in the 90-cent-US range has turned eyes northward. We are seeing Canadians investing in Canada again. People are looking at lifestyle and legacy. With technology the way it is, you can do business from your second home here in Kelowna.

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