If you thought big-city home price increases were out of control, wait till you get a load of how much some winter retreats are going for these days.
A supply-demand imbalance has lit a fire under getaways in Mont-Tremblant, Quebec. The median price for a single-family home is up 37 per cent to $583,500 from last year, according to Royal LePage. Condos are up by about the same, to $232,500.
“Inventory is very low in Mont-Tremblant. When a new property enters the market, buyers line up and offers flood in,” said Royal LePage’s Paul Dalbec, in a report.
“This supply shortage in the region has led to an increase in land sales as some buyers are choosing to build over buying a home as what they are looking for isn’t on the market.”
Boomer driven boom in Ontario
Ontario is also getting more expensive. Royal LePage says early snow this season encouraged buyers to jump into the market sooner.
The median price of a single-family home in the Blue Mountain area is up 4 per cent to $780,000.
Even homes nearby are getting more expensive. The median price of a family home in Collingwood, east of Blue Mountain resort, is up 8.3 per cent to $525,000. Over the past year, 98 properties above $1 million changed hands.
“Demand remains strong among buyers who are purchasing retirement properties in Collingwood,” said Royal LePage’s Rick Crouch, in a report.
“They’re cashing out in the GTA and buying a similar-sized, or an even bigger property, to enjoy year-round activities and amenities in Collingwood.”
Head west for deals
It’s a different picture when you head west. Canmore, Alberta is down around 2 per cent for all property types because of a slowing economy. But the median single-family home is still $906,270.
The median price of a single-family home in Whistler, B.C. fell 13.8 per cent over the same period to $2,391,979. However, condo prices in the area are up 5.2 per cent to $844,227.
Jessy Bains is a senior reporter at Yahoo Finance Canada. Follow him on Twitter @jessysbains.