The average price of a lot on Sylvan Lake remains well below the figure from several years ago. But a report issued by real estate firm Re/Max this week suggests that gap could soon narrow.
In its 2013 recreational property report, Re/Max said sales activity with respect to recreational land is on the rise across Canada.
It attributes this to the lower prices and increased selection that have occurred in recent years.
The report pointed to increased confidence in the economy, recent stock market gains, and higher foreign and out-of-province investment in recreational properties as other factors at play.
In Western Canada, sales of recreational properties in seven of 10 markets considered were either the same or up from 2012, it noted.
“The value of recreational housing markets across the country is virtually unprecedented,” said Elton Ash, regional executive vice-president with Re/Max of Western Canada.
In the case of Sylvan Lake, Re/Max’s 2013 report placed the starting price of a three-bedroom lake-front property at $750,000 — unchanged from last year. The figure was $1.2 million in 2010 and hit $1.25 million in 2008.
The report said demand in Sylvan Lake is improving, even though sales as of the end of May were down to nine, as compared with 12 for the same period in 2012. It added that just over 30 waterfront properties were listed for sale.
Homes within a block of Sylvan Lake were running between $300,000 and $450,000, said the report.
Last month, Royal LePage issued its own recreational property report. In the case of Alberta, it focused on Glennifer and Pine lakes.
Standard waterfront properties on Glennifer Lake range from $115,000 to $600,000, said the Royal LePage publication, while lots on Pine Lake run from $110,000 to $500,000.
“This year’s market has been quite active and remains on par with last year’s solid performance,” said Allan Nimmo, broker at Innisfail’s Royal LePage Weber.