The rise in interest rates and the cost of living could continue to deter Quebecers from buying properties on the edge of major ski resorts, despite price stabilization planned for 2024.
Prices for detached single-family homes near ski resorts across the province are expected to rise 1.8% in 2024, according to a report from broker Royal LePage. Thus, a home that cost $501,600 in 2023 could cost, on average, $510,629 more over the next 12 months.
Last year, the province saw a significantly larger increase (+7.8% between 2022 and 2023).
Price reductions are planned for three ski areas.
In Mont Sainte-Anne, single-family homes recorded an increase of 1.3% between 2022 and the first ten months of 2023, and a decrease of -4% is expected for 2024. In Stoneham/Lac-Beauport the decline was -3.9% last year, and a further decline (-3%) is forecast for 2024.
In Val Saint-Côme/Mont Garceau, prices fell slightly in 2023 (-0.9%); the planned correction is likely to be more significant in 2024 (-2%).
Of all real estate markets analyzed by Royal LePage, Mont Sutton experienced the largest price increase for detached single-family homes in 2023 (27.3%) compared to 2022. An increase of 8% is forecast for 2024.
“The rush of households from urban areas into recreational property markets that characterized the pandemic years has eased. However, this development has contributed to these regions’ long-term importance as they have had to adapt their local services and infrastructure to a rapidly growing population,” said Dominic St-Pierre, vice president and general manager of Royal LePage in Quebec.
“Although the inventory of properties for sale has increased this year, product shortages have continued to hold prices down, particularly in the first half of the year. Then, consumer caution amid higher borrowing costs slowed activity at the start of the summer season.”
Average price of single-family homes in ski resorts
Mont Tremblant
2023: $539,000 (+7.8%)
2024: $560,560 (+4%)
Holy Savior
2023: $600,000 (+6.7%)
2024: $624,000 (+4%)
Val Saint-Côme/Mont Garceau
2023: $431,000 (-0.9%)
2024: $422,380 (-2%)
Bromont
2023: $650,000 (+10.9%)
2024: $663,000 (+2%)
Mount Sutton
2023: $697,500 (+27.3%)
2024: $753,300 (+8%)
Mont Orford
2023: $495,000 (+5.3%)
2024: $504,900 (+2%)
Mont Sainte Anne
2023: $290,000 (+1.3%)
2024: $278,400 (-4%)
Stoneham and Lac Beauport
2023: $457,000 (-3.9%)
2024: $443,290 (-3%)
Charlevoix massif
2023: $398,800 (+21.8%)
2024: $410,764 (+3%)
Mont Grand Fund
2023: $231,000 (+21.6%)
2024: $237,930 (+3%)
Source: Royal LePage