Get ready for an incredible weekend in Ottawa! From fireworks to buskers, ribs, and poutine, there's something for everyone. Check out this list of events and share it with your friends. Know of any other events? Share them in the comments!

12 Must-See Events in Ottawa

Casino Lac-Leamy Fireworks Experience world-class pyromusical performances, culinary delights, artistic showcases, and multimedia art installations. Tickets start at $16. Watch from various points along the Ottawa shoreline, including Major’s Hill Park. Fireworks at 9:15pm.

When: July 31 and Aug 3, 7, 10, 14, 17
Where: Canadian Museum of History grounds, Laurier St, Gatineau
Details:feux.qc.ca

Ottawa International Buskerfest Enjoy world-class performances, free workshops, strolling acts, and food vendors. Free entry.

When: August 2-5
Where: Sparks St
Details: ottawabuskerfestival.com

Capital Ribfest & Poutine Savor the best ribs and poutine, along with live music, games, and drinks. Free entry.

When: August 2-5, 12-9pm (Mon, 12-6pm)
Where: City Hall, 110 Laurier St W
Details: capitalribfest.ca

Ottawa Chamberfest The largest and one of the oldest chamber music festivals in the world celebrates its 30th anniversary. Enjoy free and paid concerts in beautiful venues.

When: July 25-Aug 8
Where: Various venues
Details: chamberfest.com

Capital Pop Up Cinema Watch a free outdoor screening of "The Wedding Singer." Approx. 8:45pm.

When: Friday, Aug 2
Where: Beachwood Cemetery, 280 Beechwood Ave
Details: IG @capitalpopupcinema

613 Flea Shop from over 150 vendors offering eclectic goods, handmade items, antiques, vintage clothing, food, and more. Free entry.

When: Saturday, Aug 3, 10am-4pm
Where: Aberdeen Pavilion, Lansdowne Park, 1015 Bank St
Details: @613flea

Atletico Ottawa vs Cavalry FC Support Ottawa’s professional soccer team against Cavalry FC from Calgary.

When: Saturday, Aug 3, 7pm
Where: TD Place, 1015 Bank St

Colonel By Days Explore Ottawa’s rich history and the canal builder’s legacy with live tours, period costumes, and workshops. Free entry.

When: Saturday, Aug 3-Monday, Aug 5, various times
Where: Ottawa Locks Bytown Museum, 1 Canal Lane, Ottawa
Details: ottawamuseumnetwork.ca

Open Doors at Rideau Hall Tour the grounds, state rooms, gardens, and greenhouses of the Governor General's residence. Free entry.

When: Saturday, Aug 3-Monday, Aug 5, 10am-4pm
Where: Rideau Hall, 1 Sussex Dr, Ottawa
Details: gg.ca

Company of Fools: Macbeth Enjoy Shakespeare’s Macbeth with an all-female/non-binary cast. Pay-what-you-can ($20 suggested).

When: Friday, Aug 2-Monday, Aug 5 (and beyond), 7pm-8:30pm
Where: Aug 2nd Alexander Grove (Stittsville), Aug 3rd Fairmont Park (Civic Hospital), Aug 5th Strathcona Park (Sandy Hill)
Details: fools.ca

Glengarry Highland Games Experience Scottish heritage with over 60 pipe bands, 200 Highland dancers, and traditional sports. Tickets: $30 (children 12 and under free).

When: Friday, Aug 2, 8am-2am; Saturday, Aug 3, 8am-10pm
Where: 34 Fair St, Maxville
Details: glengarryhighlandgames.com

Festival Country du Grand Gatineau Celebrate the 32nd edition of the Grand Gatineau Country Festival with performances by over 40 country music artists. Tickets: $26.85 & up.

When: Aug 1-4; Friday from 7pm, other days from 1pm
Where: Father Arthur Guertin Center, 16 Rue Bériault, Gatineau
Details: countrygatineau.com

Saturday

Crush: The Bon Jovi Experience Enjoy Bon Jovi's greatest hits with Crush. Tickets: $25.57-$31.59 incl tax.
When: Saturday, Aug 3, 8pm-11pm
Where: Rideau Carleton Casino, 4837 Albion Road

Major League Quad Watch the Ottawa Black Bears face the Boston Forge in the 2024 MLQ finale. Pay-what-you-can (min. $5).
When: Saturday, Aug 3, 2pm-5pm
Where: 140 Main St, Ottawa
Details: mlquadball.ticketleap.com

Urban Art Collective Saturday Themed Markets Discover unique treasures at the Antique & Vintage Market. Free entry.
When: Saturday, Aug 3, 12pm-5pm
Where: 1088 Somerset St. W, Ottawa

Sunday

Salsa Sundays Join this free weekly dance class led by instructors from the University of Ottawa’s Salsa Club. No partner is needed, and the instructors will have you dancing with Latin flair in no time! Every Sunday from June 9 to September 1, 3pm to 5pm at George Street Plaza, 55 Byward Market Square.

Zumba on the Hill Get your groove on at Parliament Hill with certified Zumba instructors. This lively Zumba Party is free to attend. Sundays from 4pm to 5:15pm. Location: Parliament Hill. Details: Zumba on the Hill Facebook

Lansdowne Market Explore over 75 vendors offering a variety of local produce, baked goods, crafts, hot meals, and more. Pets are welcome. Every Sunday from 9am to 3pm at the Aberdeen Pavilion, 1000 Exhibition Way, Ottawa.

Monday

Bring the Kids! Enjoy a classic and chamber music recital at the National Arts Centre, designed to keep kids engaged with short attention spans. Free admission. Monday, August 5 at 12pm. Location: 1 Elgin Street, Ottawa, ON K1P.

Meet & Greet with Sesame Street Meet Elmo, Abby, and the Cookie Monster at Tanger Outlet. Enjoy face painting, games, and treats with your little ones. Free event. Monday, August 5 from 11am to 3pm. Location: 8555 Campeau Drive, Ottawa.

Source: Ottawaisnotboring.com

First-time buyers of new construction homes in Canada can now access longer mortgage amortization periods.

Effective August 1st, 2024, lenders can offer 30-year amortizations for insured mortgages to first-time homebuyers of new construction homes, following a modification by the federal government. Previously, the maximum amortization for an insured mortgage—one requiring mortgage insurance due to a down payment of less than 20%—was 25 years. Homes priced at $1 million or more automatically require a 20% down payment and an uninsured mortgage loan.

The federal government states that extending payments over an additional five years will help lower monthly mortgage payments, making housing costs more affordable for young Canadians and incentivizing the construction of much-needed housing supply.
“For every young Canadian who wants to own a home, we want them to qualify for a mortgage and afford their first home. One of the biggest hurdles to homeownership for younger Canadians is qualifying for a mortgage and managing the monthly payments,” said Chrystia Freeland, Deputy Prime Minister and Minister of Finance, in a press release. “That is why, starting August 1, first-time buyers of new builds will be able to reduce their monthly payments with up to 30-year mortgages. This is just one of many new measures our government is implementing to make homeownership a reality for younger Canadians.”

What do I need to qualify for a new build 30-year amortization?
If you’re a first-time buyer shopping for a new construction home and plan to take out a 30-year mortgage, here are some requirements to keep in mind:

• At least one borrower on the application must be a first-time homebuyer, meaning they have never purchased a home before and have not occupied a home as a principal residence that they or their current spouse or common-law partner have owned in the last four years.
• The home being purchased must be newly constructed, meaning it has not been previously occupied for residential purposes.
• Only high-ratio mortgages will be applicable—mortgages where the loan amount exceeds 80% of the home price (i.e., has a down payment of less than 20%).
• All other eligibility criteria for government-guaranteed mortgage insurance will still apply.

Thirty-year amortizations for insured new build mortgages were first announced in the 2024 federal budget, alongside other affordable housing measures.

Source: Royal LePage Team Realty

Don't let a small outdoor space limit your creativity—there are numerous ways to transform even the tiniest area into a charming and functional oasis.

With apartment living becoming increasingly common in urban areas, there's a growing market for practical solutions tailored to small outdoor spaces. This is great news for anyone in search of compact patio furniture, as there are now many options available beyond the traditional bistro set.

We've compiled a list of our five essential considerations to help you turn your compact outdoor space into a comfortable, stylish, and functional retreat without breaking the bank.

1. Comfort

Having a small outdoor space doesn't mean you have to sacrifice comfort. Furnish your condo balcony or similar area with cozy and comfortable pieces.

Ambient lighting can create a welcoming atmosphere. Lanterns and string lights are popular, affordable, and easy to find. If your space allows, consider installing pot lights or pendant lights. Battery-operated or solar-powered lighting can be great alternatives if electrical outlets are unavailable, and LED candles are a safer choice for open-flame lanterns.

2. Privacy

Small outdoor spaces often lack privacy, making relaxation or entertaining awkward. To create a more secluded atmosphere, use privacy screens, room dividers, vertical gardens, or outdoor curtains to shield your space from neighbors.

3. Style

Gone are the days of minimalist balconies with just a bistro set. Today, many patio furniture lines cater specifically to small spaces, making it easy to find pieces that reflect your personal style.

Add color and texture with pillows and throws, and don't neglect the walls—hang artwork, plants, and signs. Lighting not only sets the mood but also serves as decor. Explore different sizes, styles, and colors to suit your space.

Don't overlook the floor; enhance your balcony's style with an outdoor rug, faux wood panels, or painted/stained concrete to match your aesthetic.

4. Durability

While style is important, so is functionality. Choose furniture and decor designed to withstand the elements. Look for items made from aluminum, teak, stainless steel, or weather-resistant wicker. These materials are durable and can handle various climates. High-quality, weather-resistant furniture is a wise investment, especially if you plan to leave it outside year-round.

Consider built-in benches for seating and additional storage for outdoor items and textiles.

5. Budget

When shopping for budget-friendly outdoor furnishings, prioritize durable materials to avoid frequent replacements due to wear and tear.

You can find second-hand furniture and decor on online marketplaces or at thrift stores. Repurpose items you already own and store them indoors during the winter if they can't withstand cold weather.

From cozy furniture to innovative lighting, there are endless possibilities to create a comfortable and functional balcony or patio. Happy decorating!

Soruce: Royal LePage Team Realty

More than half of Canadian mortgages are set to renew before the end of 2026. With the Bank of Canada reducing its key interest rate from 5.0% to 4.75% on June 5th, many homeowners are now contemplating whether to choose a fixed or variable rate upon renewal. Understanding the available options and anticipating changes is crucial to effectively managing today's dynamic mortgage landscape.

Current Situation

During the pandemic real estate boom, variable rates were historically lower, but this trend has reversed recently. Currently, the average five-year variable interest rate offered by mortgage lenders is around 6.7%, while fixed rates are typically at 5.6%. Variable mortgage rates depend on various economic factors, including the key overnight lending rate set by the Bank of Canada. Although the central bank recently cut its key rate for the first time in four years, it could change course if inflation rises in the coming months. Economists expect further cuts by the end of 2024, continuing into 2025 unless economic conditions shift significantly. Despite declining rates, the historically low rates of the past two decades are no longer expected.

Considerations for Variable Rates

For variable-rate mortgages, an increase in the prime rate, influenced by the Bank of Canada's overnight lending rate, leads to higher mortgage payments. However, variable loans with fixed-payment options keep monthly payments unchanged, adjusting the mortgage amortization period instead. This results in a smaller proportion of each payment going towards repaying the principal.

Understanding Your Needs

Choosing between a fixed- and variable-rate mortgage depends largely on the borrower's risk tolerance and personal situation. Variable rates fluctuate, so consider if your lifestyle can accommodate these changes. Even if interest rates begin to fall, numerous economic factors influence their direction throughout your mortgage term. The right mortgage product depends on your short- and medium-term situation. If you're in a period of transition (career change, separation, etc.), a fixed rate might offer more stability.

Strategic Options for Borrowers

• Fixed-Rate Mortgage with a Shorter Term: Amid economic uncertainty, many borrowers are opting for shorter-term fixed-rate mortgages (one, two, or three years). This approach allows borrowers to lock in predictable monthly payments without committing to the same rate long-term.
• Hybrid-Rate Mortgage: This option combines features of both variable and fixed rates — part of the mortgage has a fixed interest rate, and the other has a variable rate. This allows borrowers to benefit from both stability and potential rate decreases.
• Convertible Mortgage: This loan allows borrowers to convert a variable interest rate into a fixed-rate mortgage, or vice versa, before maturity. This flexibility helps adapt mortgage strategies to changing market conditions.

Consult a Professional

Ready to navigate your mortgage renewal with confidence? Contact us today! We can connect you with one of our trusted and experienced mortgage professionals who are ready to help you explore your options and find the best solution tailored to your needs. Whether you're considering a fixed or variable rate, they will provide personalized guidance to ensure you make an informed decision. 

Source: CBD

In May 2024, the Ottawa Real Estate Board (OREB) reported a total of 1,545 homes sold through the MLS® System, marking a 9.2% decrease compared to May 2023. This figure was 3.7% lower than the five-year average and 13.2% below the ten-year average for May. Year-to-date, home sales reached 5,673 units over the first five months of the year, reflecting a 5.2% increase from the same period in 2023.

OREB President Curtis Fillier noted that Ottawa's early spring market remained steady, with an increase in new listings indicating growing seller confidence. However, some sellers may have awaited the Bank of Canada's interest rate announcement before making decisions, as the first interest rate cut in four years occurred. Nevertheless, supply issues and high home prices persist as challenges despite positive economic indicators.

By the Numbers – Prices:

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

• The overall MLS® HPI composite benchmark price was $651,300 in May 2024, a marginal gain of 1.2% from May 2023.

  • The benchmark price for single-family homes was $736,000, up 1.1% on a year-over-year basis in May.

  • By comparison, the benchmark price for a townhouse/row unit was $517,500, up 2.1% compared to a year earlier.

  • The benchmark apartment price was $425,000, up 2.0% from year-ago levels.

• The average price of homes sold in May 2024 was $690,683 increasing 0.8% from May 2023. The more comprehensive year-to-date average price was $679,862, increasing by 1.8% from the first five months of 2023.

• The dollar volume of all home sales in May 2024 was $1.06 billion, down 8.5% from the same month in 2023.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Prices will vary from neighbourhood to neighbourhood.

By the Numbers – Inventory & New Listings

• The number of new listings saw an increase of 26.2% from May 2023. There were 3,034 new residential listings in May 2024. New listings were 23.2% above the five-year average and 10.2% above the 10-year average for the month of May.

• Active residential listings numbered 3,552 units on the market at the end of May 2024, a gain of 59.4% from May 2023. Active listings were 72.2% above the five-year average and 2.9% below the 10-year average for the month of May.

• Months of inventory numbered 2.3 at the end of May 2024, up from 1.3 in May 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity. 

After maintaining the overnight lending rate at a two-decade high of 5% for 11 months, the Bank of Canada has now reduced its policy rate. In its scheduled June announcement, Canada’s central bank lowered the target for the overnight rate by 25 basis points to 4.75%.

Despite inflation remaining slightly above the BoC’s target of 2%, the overall consumer price index has decreased over the past year, indicating a slowdown in core inflation which is expected to continue.

“Governing Council decided monetary policy no longer needs to be as restrictive and lowered the policy interest rate by 25 basis points to 4.75%,” said Tiff Macklem, Governor of the Bank of Canada, in a statement to reporters following the announcement. “We’ve come a long way in the fight against inflation. And our confidence that inflation will continue to move closer to the 2% target has increased over recent months. The considerable progress we’ve made to restore price stability is welcome news for Canadians.”

Impact on Canada’s Housing Market: With the anticipated interest rate cut now in effect, many rate-sensitive homebuyers are likely to see this as a cue to re-enter the housing market.

A recent Royal LePage survey conducted by Leger found that 51% of Canadians who had postponed their home buying plans in the past two years would return to the market once the Bank of Canada reduced its key lending rate. Specifically, 10% of respondents said a 25-basis-point drop would prompt them to re-enter the market, 18% would wait for a cut of 50 to 100 basis points, and 23% would need to see a cut of more than 100 basis points before resuming their search.

“The long-awaited cut to the overnight lending rate has arrived. The Bank of Canada held its key lending rate at 5% for the past 11 months, and it has been more than four years since the rate was last reduced,” commented Phil Soper, president and CEO of Royal LePage. “Our research shows that half of sidelined homebuyers in Canada plan to resume their home search once the bank rate starts to decline. This will likely spark activity and put upward pressure on home prices in the latter half of the year.”

The Bank of Canada will make its next announcement on Wednesday, July 24th.

Despite increasing inventory levels, many of Canada’s homebuyers have remained cautious this spring, leading to more balanced and less intense market conditions in the past month.

The latest report from the Canadian Real Estate Association (CREA) shows that home sales across Canadian MLS Systems decreased by 1.7% from March to April 2024. However, actual sales activity was 10.1% higher than in April of the previous year.

Meanwhile, newly listed homes saw a 2.8% increase in April 2024 compared to March. With slower sales and more new listings, the total number of homes on the market surged by 6.5%, reaching its highest point since just before the COVID-19 pandemic. This represents one of the largest monthly increases on record, second only to the market slowdown in early 2022.

James Mabey, Chair of CREA’s 2024-2025 Board of Directors, commented in the monthly report, "After a long hibernation, the spring market is now officially underway. The increase in listings is resulting in the most balanced market conditions we’ve seen at the national level since before the pandemic. Mortgage rates are still high, and it remains challenging for many to enter the market, but for those who can, it’s the first spring market in some time where they can shop around, take their time, and exercise some bargaining power. Given the demand, it's uncertain how long this will last."

With sales declining and new listings increasing in April, the national sales-to-new listings ratio dropped to 53.4%, slightly below the long-term average of 55%. By the end of April, there were 4.2 months of inventory nationwide, up from 3.9 months at the end of March. This is the highest level since the pandemic began and exceeds the long-term average of five months.

Shaun Cathcart, CREA’s Senior Economist, noted, "April 2023 saw a surge of buyers re-entering a market with new listings at 20-year lows, whereas this spring has been the opposite, with a healthier number of properties to choose from but less enthusiasm on the demand side."

The national average home price in April 2024 was $703,446, down 1.8% from April 2023. The National Composite MLS Home Price Index (HPI) remained unchanged from March to April, marking the third consecutive month of stable prices. Regionally, prices are mostly stable across the country, except in Calgary, Edmonton, and Saskatoon, where they have been steadily rising since the beginning of last year.

Source:https://blog.royallepage.ca

Preparing your cottage or cabin for the spring season is an eagerly anticipated task for many homeowners. As summer approaches swiftly, it's time to gear up for another season of relaxation and enjoyment away from urban life. Ensuring a smooth transition requires meticulous planning and execution. Here's a comprehensive checklist of the top 10 tasks to complete before opening your recreational property for the season.

1. Utility Restoration: Before your arrival, contact utility providers to reinstate electricity, gas, internet, and any other essential services after the winter hiatus.

2. Insurance Review: Ensure that your property, boats, ATVs, and trailers are adequately insured for the summer season to avoid any coverage gaps in case of accidents or natural calamities.

3. Property Inspection: Conduct a thorough inspection upon arrival, checking for weather damage such as missing shingles, clogged gutters, leaks, and debris from fallen branches.

4. Deck and Siding Assessment: Examine the condition of your deck and siding, cleaning outdoor areas and inspecting recreational equipment like barbecues and hammocks.

5. Interior Check: Upon entering, watch for signs of moisture, pest infestation, and unpleasant odors.

6. Ventilation: Open doors and windows to freshen up the interior and consider adding fragrances to combat stale odors. Laundering bedding can also help freshen up the space.

7. Mold Inspection: Check window sills and door frames for any mold growth due to moisture and condensation.

8. Water and Electricity Reinstatement: After thorough checks, restore water and electricity, ensuring pipes are free of leaks or frost damage.

9. Appliance and Electrical System Testing: Verify the functionality of all appliances and electrical systems once power is restored.

10. Replenish Supplies: Replace batteries in smoke and carbon monoxide detectors, clean or replace central ventilation filters, refill fire extinguishers, and restock first-aid kits.

By adhering to this comprehensive checklist, you can ensure your cottage or cabin is primed and ready for the summer season ahead!

Interested in learning more about the recreational market in Canada? Read the latest market trends and insights in Unveiling Opportunities: Spring 2024 Outlook for Canada’s Recreational Property Market

Adjustable-rate mortgages (ARMs) present borrowers with a distinctive opportunity to leverage fluctuating interest rates, offering flexibility and potential cost savings over the loan's duration. Nevertheless, ARMs also entail inherent risks and uncertainties that borrowers should carefully weigh before opting for this mortgage type. This article delves into the advantages and disadvantages of adjustable-rate mortgages, aiding you in discerning whether an ARM suits your homeownership requirements.

Understanding Adjustable-Rate Mortgages (ARMs)

An adjustable-rate mortgage (ARM) is a home loan type wherein the interest rate remains unfixed for the loan's entirety. Instead, it fluctuates periodically based on changes in an index, such as the prime rate or the London Interbank Offered Rate (LIBOR). Typically, ARMs commence with an initial fixed-rate period, succeeded by adjustable-rate intervals where the interest rate can vary annually or at specified intervals.

The Pros of Adjustable-Rate Mortgages

• Lower Initial Interest Rates: ARMs often initiate with lower interest rates compared to fixed-rate mortgages, appealing to borrowers seeking reduced monthly payments and potential savings during the initial fixed-rate phase.

• Potential for Lower Payments: Should interest rates decrease or remain stable, ARM borrowers may experience decreased monthly payments during adjustable-rate periods, enhancing affordability and cash flow flexibility.

• Short-Term Ownership Benefits: ARMs can prove advantageous for borrowers planning to sell or refinance their homes within a few years, allowing them to capitalize on the lower initial interest rates while avoiding prolonged exposure to interest rate fluctuations.

• Rate Caps and Limits: Most ARMs incorporate rate caps and limits, constraining the extent to which the interest rate can fluctuate during each adjustment period and throughout the loan's lifespan. This provision offers borrowers a level of protection against significant rate changes.

The Cons of Adjustable-Rate Mortgages

• Interest Rate Risk: The primary drawback of ARMs lies in the uncertainty surrounding future interest rate movements. If interest rates surge substantially during the adjustable-rate periods, borrowers may face heightened monthly payments and increased financial strain.

• Payment Shock: Swift increases in interest rates can result in payment shock for ARM borrowers, causing a sudden and substantial rise in monthly mortgage payments that may prove challenging to afford, particularly for borrowers with fixed incomes.

• Budgeting Challenges: The variable nature of ARM payments can pose challenges in budgeting and financial planning, necessitating borrowers to accommodate potential changes in housing expenses over time.

• Long-Term Costs: While ARMs may offer lower initial interest rates, borrowers holding onto their mortgages for extended durations might end up paying more in interest over the loan's lifespan if interest rates soar during adjustable-rate periods.

Is an ARM Right for You?

Determining whether an adjustable-rate mortgage aligns with your homeownership needs hinges on various factors, including your financial situation, risk tolerance, and future plans. Reflect on the following questions:

1. Are you comfortable with the possibility of fluctuating interest rates and payments?

2. Do you intend to reside in your home for an extended period or consider selling/refinancing within a few years?

3. How do prevailing interest rate trends and economic conditions influence your decision?

4. Have you thoroughly assessed and comprehended the terms, features, and risks associated with the ARM product?

Ultimately, reaching out to a qualified mortgage advisor or financial planner can provide invaluable support in assessing your options and deciding whether an ARM aligns with your financial goals and preferences. Don't hesitate to contact us for a list of our trusted mortgage advisors and financial planners who can assist you further.

With the arrival of warmer weather, Canadians eagerly await weekends filled with waterfront adventures and tranquil evenings around the fire pit. As prime time approaches in the recreational housing market, potential buyers are gearing up to secure their slice of lakeside tranquility or a cozy family retreat, intensifying competition amidst limited supply and driving property values upward.

The Spring 2024 Recreational Property Report forecasts a 5.0% increase in the median price of single-family homes in Canada's recreational regions, reaching $678,930. This projected rise is fueled by a resurgence in consumer confidence, enticing sidelined buyers back into the market.

The pandemic witnessed an extraordinary surge in demand for recreational properties nationwide, driven by remote work opportunities and a yearning for outdoor living. Though economic fluctuations post-pandemic tempered prices, the underlying demand for recreational properties remains strong, hinting at a resurgence in activity for 2024.

In 2023, the median price of single-family homes in recreational regions saw a slight decrease of 1.0% compared to the previous year, following a more substantial decline of 11.7% in 2022. Notably, waterfront properties experienced a 7.9% decrease in median price, while standard condominiums dipped by 1.5%.

Despite fluctuations in inventory levels, 64% of surveyed Royal LePage recreational real estate professionals report sustained or increased demand from buyers. This demand, coupled with potential interest rate cuts, is expected to exert upward pressure on prices in Canada’s recreational property market.

Experts anticipate a slight to significant increase in demand following interest rate reductions, highlighting the market’s resilience to mortgage rate fluctuations. A cut to the Bank of Canada’s key lending rate, anticipated later in the year, is poised to bolster consumer confidence and drive heightened activity in the recreational property sector.

Key highlights from the report include expectations of price appreciation across all provincial recreational markets in 2024, with Ontario leading at 8.0%. Additionally, condominiums in Atlantic Canada witnessed significant year-over-year price growth in 2023, soaring by 16.9%. Despite recent fluctuations, the national median single-family home price in Canada’s recreational real estate market remains substantially higher than 2019 levels, showcasing the enduring appeal of recreational living.

Take the leap into your dream recreational property today! With the Spring 2024 forecast predicting a surge in demand and property values, now is the time to secure your piece of lakeside serenity or cozy family retreat. Don't miss out on this opportunity to embrace the outdoor lifestyle you've been longing for. Contact us now to explore available properties and make your recreational living dreams a reality!