Recreational property prices on Vancouver Island and across Western Canada will likely rise this year as many owners hang on to properties despite interest rates, short-term rental restrictions and a proposed capital gains tax increase, according to two key reports.
Despite these predictions, new provincial short-term rental restrictions effective as of May 1 could cause some investors to offload their properties in B.C. Tofino and Ucluelet have divergent price trends related to the short-term rental restrictions and the planned federal capital gains increase, but according to Re/Max, both communities have shifted from a balanced to a buyer’s market.
A Leger survey commissioned by Re/Max found the short-term rental bans have not swayed recreational property owners to sell, and 58 per cent are holding onto their properties while about 29 per cent are looking to sell. Ryan Williams, owner of Ocean Pacific Realty, said recreational property sales in the region face another challenge — climate change. Global warming has been impacting winter sports while forest fires have affected summer recreation. These factors — and their associated fire hazards — are also increasing insurance rates on Mt. Washington, which has been experiencing low snow levels.
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