Cottage prices are set to rise across Western Canada this year according to Royal LePage’s spring recreational property report, released March 26.
The strongest growth is forecast for Manitoba and Saskatchewan, which will lead the country with 5.5 per cent growth in the median sales value of cottages. This follows 5.7 per cent growth in waterfront cottage prices last year, the strongest growth in Western Canada and the second-strongest growth rate nationally. Manitoba's Interlake region saw the strongest growth in waterfront cottage prices last year at 6.6 per cent to $395,000 -- an attractive figure versus the regional median of $477,400.
Domestic buyers are driving demand, consistent with other regions, but supply has not kept up, as many properties are generational holds for their families.
Alberta ranks second, with 2.5 per cent growth in median cottage values forecast for this year, followed by British Columbia at 1.5 per cent. However, the median value of waterfront retreats in B.C. dropped significantly last year, falling 14.8 per cent. The drop was driven by a 22.6 per cent decline in the Okanagan region.
Royal LePage reports that recreational home inventories through 2025 were largely similar to 2024 volumes, with 69 per cent of recreational real estate agents surveyed indicating that average days on market has increased versus a year ago.
Trends in Western Canada mirror those in Eastern Canada, where more affordable regions are seeing stronger appreciation in values even as the record double-digit growth seen during the pandemic has waned and single-digit growth has become the norm.
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