Manitoba and Saskatchewan together claim the title as Canada’s least expensive region for recreational property, according to Royal LePage.
But the March 26 report from the national brokerage forecasts higher prices ahead, with the median price set to rise 4.5 per cent to $310,052 this year.
Royal LePage said the median price of a single-family home in Manitoba and Saskatchewan’s recreational property market jumped 6.6 per cent annually in 2024 to $296,700. The report said the median price of a single-family waterfront property decreased 4.3 per cent to $431,200 during that period.
"We saw prices soften a little bit there and that’s mostly due to a lack of supply, that really ends up not having enough options for the demand that’s out there,” Anne-Elise Cugliari Allegritti, research and communications director for Royal LePage, told Western Investor.
In a survey of more than 150 Royal LePage real estate representatives who focus on the recreational market, 57 per cent of respondents in Manitoba and Saskatchewan reported similar inventory so far this year compared with 2024. And 71 per cent of respondents said that the average days on market are about the same compared with last year.
And while there is an increased demand for recreational property from buyers in both provinces, those buyers are faced with constrained housing supply, according to the report.
“Recreational properties in this region are often passed down through generations, limiting supply and causing a slower turnover rate compared to other markets,” said a statement from Lou Doderai, broker for Royal LePage Icon Realty in Prince Albert, Sask.
“While spring typically brings an uptick in listings, minimal new developments and rising construction costs are expected to keep inventory levels low this year, driving prices up for the foreseeable future.”
According to 57 per cent of survey respondents, lowered borrowing costs have led to a slight uptick in demand for recreational properties for the two provinces.
“Our market has had a slower-than-usual start to the spring, largely due to consumer hesitancy amid economic uncertainty. While interest rates have been trending downward, they have yet to translate into a significant boost in buyer demand,” said a statement from Rolf Hitzer, broker for Royal LePage Top Producers Real Estate in Winnipeg.
“In the short term, we anticipate increased activity levels as consumers refocus on purchasing and vacationing closer to home.”
