With summer at our doorsteps, those of you who may be thinking about finding a peaceful haven in cottage country will benefit from this recreational property market update, following the release of the Royal LePage Spring Recreational Property Report in March of this year. Below you will find valuable information about two of the most popular recreational regions in the province of Quebec, Pays-d’en-Haut and Memphrémagog.
In the Regional County Municipality of Pays-d’en-Haut in the Laurentians, which includes the regions of Prévost, Saint-Sauveur, Sainte-Adèle, Estérel and Saint-Adolph d’Howard, is one of the most sought-after recreational regions in the province of Quebec. Single-family home sales were down 38% in the months of March and April, 2022, compared to the same period last year, due to the supply shortage. In April, active listings in the single-family segment dropped by more than 18% year-over-year.
Éric Léger, real estate broker, Royal LePage Humania, says that 26 months into the pandemic, demand for real estate remains strong, even if less so than the spring of 2021.
“Properties priced below $500,000 continue to attract multiple offers,” he said. “There are still a large number of experienced buyers in the market prepared to compete. But, for first-time buyers, the challenge remains and some have been priced out due to high home ownership costs.”
The median price of a single-family home in the region reached $515,000 over the course of March and April, 2022, a 22.6% increase over the same period last year; a jump of nearly $100,000.
“The line between primary residence and recreational property has become blurred in recent years, increasing demand for real estate in traditionally recreational regions,” explains Léger. “Today, good Internet access is available almost everywhere and in many municipalities, more local services have become available. Meanwhile, many Quebecers continue to pursue their desire to find a property that better meets their needs.”
Memphrémagog (Eastern Townships)
In the Regional County Municipality of Memphrémagog, strong demand continues to outstrip supply. Single-family home sales were down 27% in the months of March and April, 2022, compared to the same period last year. Dan Coutu, real estate broker, Royal LePage Au Sommet in Estrie, says there has been a slight uptick in inventory in recent weeks.
“New inventory is being added for all property types, which could help to alleviate some of the competition in the market, although it is unlikely there will be enough supply to have a significant impact on prices in the short-term,” he said.
The median price of a single-family home in the region reached $491,000 over the course of March and April, 2022, a 16.9% increase over the same period last year. For waterfront properties or homes that include access to water, that figure jumps to more than $800,000.
According to Coutu, buyers with a budget of less than $700,000 will have to compromise on something, including moving further out to find an affordable property close to the water
“Eastern Township has a lot to offer in terms of recreational activities, both in winter and summer. If buying near the water is not an option for you, I suggest purchasing a property close to a ski hill, where one can often find beautiful views of nature.”
Both real estate brokers suggest buyers looking to purchase a property that can be used for short-term rentals to consult their real estate broker, as some municipalities in the province are revising their regulations; something that could affect a buyer’s desired outcome.