The Royal LePage Spring Recreational Property Report compiles insights, data and forecasts from 50 real estate markets.
Highlights
● Canada’s provincial recreational markets are expected to see an increase in single-family home prices in 2025, with Atlantic Canada forecast to see the highest level of price appreciation at 8.0%.
● The weighted median price of a single-family home in Canada’s recreational property market increased 2.3% year over year in 2024 to $627,700.
● Nationally, the weighted median price of a single-family waterfront property decreased 3.6% year over year, while the price of a condominium remained flat, rising just 0.2%.
● Waterfront houses in Atlantic Canada recorded the highest provincial year-over-year price appreciation in 2024, rising 12.6%.
● 55% of recreational property market experts across the country reported an increase in the average days on market compared to last year, despite a majority (72%) reporting similar or less inventory.
Focusing on Canmore
In 2024, the weighted median price of a single-family home in Alberta’s recreational property market increased 1.2 per cent year over year to $1,270,800, compared to 2023. During the same period, the weighted median price of a single-family waterfront property increased 6.6 per cent to $663,300. As a large and popular recreational destination, Canmore’s real estate market has a significant impact on prices in Alberta, with its luxury properties in proximity to Banff National Park.
According to a Royal LePage survey of recreational property experts, 45 per cent of respondents in Alberta reported similar inventory this year compared to 2024; an equal amount (45%) reported less inventory. And, 45 per cent of respondents also reported similar demand compared to last year. In the region, 55 per cent of experts said that the average days on market has remained the same or increased slightly since this time last year. “Falling interest rates have not significantly boosted buying and selling activity in Canmore over the past year, as many purchasers in this market tend to make cash transactions and are therefore less influenced by the cost of borrowing. However, overall demand has remained consistent with historical seasonal fluctuations, even as new home supply has increased slightly, which has been welcome news for those shopping for a recreational home. This spring, buyers will benefit from ample selection in most market segments, including some newly-completed construction projects,” said Brad Hawker, associate broker, Royal LePage Solutions. “Canmore continues to attract active families, mature buyers and retirees who are drawn to its small-town charm, modern conveniences, and world-class outdoor attractions. With its highly walkable community and direct access to nature, Canmore is expected to see steady demand and modest price appreciation throughout the spring season.”
According to the survey, when asked if lower borrowing costs have impacted demand for recreational properties in their region, 55 per cent said demand has not been impacted.
“Buyer demand for recreational homes in the Wabamun Lake and Lac St. Anne regions continues to outpace supply, fueling steady price growth. As Edmonton and its surrounding neighbourhoods expand, more buyers are seeking weekend retreats within a short distance of the city. This increased demand has led to quicker sales, with properties spending fewer days on the market,” said Tom Shearer, broker, Royal LePage Noralta Real Estate. “The recreational market is largely driven by three key buyer groups: local Edmonton families looking for a vacation home, affluent buyers seeking premium lakefront properties, and relocators from other lake regions searching for a year-round residence within commuting distance of the city. As we head into the spring market, we expect strong demand from all of these buyer groups, setting the stage for a robust and competitive season.”
The median price of a single-family home in Alberta’s recreational regions is forecast to increase 2.0 per cent in 2025 to $1,296,216.
To see the full 2025 Recreational Property Report CLICK HERE!
