Millennial Interest Drives Sales Growth in Ucluelet & Tofino

Inventory for all property types remains low in the region, with 32 properties listed in Tofino (up from 28 in 2018), and 73 in Ucluelet (up from 63 in 2018), according to the RE/MAX 2019 Recreational Property Report. There has been sales growth in Ucluelet & Tofino regions from 2018 to 2019 in both waterfront and non-waterfront properties (increase of 80 per cent in Tofino and 13 per cent in Ucleulet and 9 per cent in Tofino and 4 per cent in Ucluelet).

• The median price of waterfront properties in Tofino currently sits at $2,515,000 while non-waterfront are priced at $909,000.
• Ucluelet, waterfront properties are priced at $807,000, with non-waterfront at $620,000.

Millennial interest in the region has peaked. With many looking to purchase properties as an investment to use as short-term rental spaces as well as the ability to maintain a lifestyle that allows for better work life balance. The liveability factors such as surfing and beaches are high on their list, but also high-internet access making working remotely easier. Millennials in the region are also much more practical than previous generations, including more interest in maintenance costs and property taxes to have a full picture of the investment.

Tofino Market Conditions

• Waterfront properties up 80% year over year.
• Non-waterfront properties down -9% year over year.