Alberta cabin prices soaring, expected to climb in 2024: report
Posted March 24, 2024 9:24 am.
New findings from Royal LePage show it’s not just Alberta home prices getting more expensive, but cabins and cottages, too.
Leading Canada in price growth, the latest recreational property report finds the median price of a single-family recreational home in Alberta was up 4.7 per cent in 2023, year over year.
It now stands at just over $1.23 million and is expected to increase in 2024 by four per cent to over $1.28 million.
Wabamun Lake, about 50 kilometres west of Edmonton, saw the largest spike in the country at a 53.5 per cent increase. The median price for 2023 is over $675,000, which is a nearly $250,000 increase.
Fifty-six per cent of respondents in an Alberta Royal LePage survey of recreational property experts reported less inventory in 2024 compared to 2023, and 56 per cent reported similar demand.
In addition, 33 per cent of respondents say the average days on the market have increased slightly since this time last year.
Royal LePage says this is due to Canmore’s real estate market, as it has had a “significant impact” on Alberta prices, specifically luxury properties near Banff National Park.
“Buyer demand in Canmore’s recreational property market continues to be driven by both Albertans and out-of-province buyers from Ontario, Manitoba, Saskatchewan and Quebec,” said Royal LePage associate broker Brad Hawker, in a news release.
“While demand remains strong, we are facing ongoing inventory shortages as new listings remain few and far between.”
But, good news for Albertans looking to escape to B.C. or Ontario for the summer months.
The report also found prices for the same properties in B.C. stood still, while ones in Ontario actually decreased by 5.2 per cent.
And when it comes to single-family waterfront property, prices dipped to $604,700, a 0.7 per cent drop.
