Cape Breton is experiencing a balanced market, but a seller’s market is on the horizon, according to the RE/MAX 2019 Recreational Property Report. Many listings are seeing multiple offers and getting full asking price, or even a little over asking. The median price of waterfront properties is $214,410, while non-waterfront properties are priced at $138,308.
A number of factors are affecting Cape Breton properties in a positive way. The rental market is driving this in the inner-city locations with out-of-town buyers supporting more recreational properties. Cape Breton University has also gained major exposure among international students. The influx of students has driven sales during the first two quarters of 2019 for any properties, with three or more bedrooms that could be used as an income property.
Cape Breton market conditions:
- Waterfront properties down 6% year over year
- Non-waterfront properties down 1% year over year
- Balanced market, but leaning toward seller’s market conditions
Cape Breton Island, located on the northeastern tip of Nova Scotia, is a popular vacation destination for Canadians and international visitors alike. Recreational property buyers are drawn to the island’s beautiful and varied landscape, featuring sandy beaches, rugged coastlines, mountains and rolling farmland. Already well-known for its golf courses, Cape Breton is quickly becoming a world-famous destination for the sport.