Recreational property prices down in Sylvan Lake

Anyone looking for real estate in Alberta knows prices have gone up, but in one segment of the province’s recreational property market, the prices haven’t rebounded.

According to a recent Remax report, recreational property prices are down in Sylvan Lake.

Two years ago, prime waterfront homes were selling on average for over a million dollars in the community, now the average is about 750 thousand, says the report.

When Stepp wrote the analysis, he noted there were only three waterfront properties for sale in 2012. He says the market will rise when the oil industry does.

“Price of oil is maybe down a little bit right now. Share prices are down in a lot of oil companies. As that strengthens, you’re going to see people getting their money back into recreational property.”

He says that since the prices are down it’s an excellent time to be buying lakefront property.

“We have a good selection of lakefront properties right now. I would say they are actually on sale.”

Mayor of Sylvan Lake, Susan Samson says this is a unique case, caused by the economic downturn.

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