In the South Okanagan, a two-bedroom lakefront cottage now sells for an average of $649,000, down from $800,000 five years ago. At Harrison Lake, a waterfront cottage sells today, on average for $289,000, down from $400,000. On the largest Gulf Island of Saltspring, waterfront homes are now selling for less than $600,000, a 30 per cent decline from 2009.
However, Re/Max found that prices at Cultus Lake have more than doubled in the past five years, to an average of from $800,000 to $1.2 million for a two bedroom lakefront cottage.
The Recreational Report 2013 said there are five key reasons for the upturn in recreational sales this summer:
• Stronger consumer confidence in the economy
• Huge selection of recreational properties on the market;
• Lower prices;
• Paper wealth made in the stock market is filtering into the vacation market; and
• An increase in out-of-province buyers.