As thousands of Canadians make their way to cottage country this May long weekend – the unofficial start of summer – many will be on the hunt for a recreational property to call their.
Buying a cottage this summer? Here’s what’s happening in some of the most popular recreational regions in Canada.
Dated: May 19 2022
As thousands of Canadians make their way to cottage country this May long weekend – the unofficial start of summer – many will be on the hunt for a recreational property to call their own. If you’re one of them, you may be curious to know what’s new since the release of the Royal LePage Spring Recreational Property Report in March of this year. We checked in with our real estate experts in some of the most popular cottage regions across the country to understand the latest market trends, and to find out what we can expect this season.
Southern Georgian Bay, Ontario
As reported in March, the median price of a single-family home in Southern Georgian Bay – which includes Collingwood, Meaford, Wasaga Beach and Thornbury – was 27.5% higher in 2021 than the year prior. Desmond von Teichman, broker, Royal LePage Locations North, says home prices are continuing to rise despite lower activity levels at the start of the spring market.
“So far in 2022, total sales in the region are down 25% compared to the same period last year, but prices are up almost 30%. Compared to an average pre-pandemic year, however, sales remain well above the norm. Even with less demand than last year, there is still not enough supply to satisfy all those in search of a home in Southern Georgian Bay, be it a vacation property or a primary residence,” he said, adding that open houses have once again become popular. Royal LePage expects demand will continue to outstrip supply this year.
As reported in March, the median price of a single-family home in Muskoka was 49.0% higher in 2021 than the year prior, while waterfront properties were up 28.7%. John O’Rourke, broker, Royal LePage Lakes of Muskoka, says home prices in the region are continuing to rise as a chronic shortage of waterfront homes continues to create tight competition for buyers.
“While the rise in interest rates, the high price of gas and other consumer goods, and a general sense of fatigue have reduced the number of buyers in the market, at least for the time being, we remain firmly in a seller’s market. In the first four months of 2022, waterfront property sales were down 58% compared to the same time last year. However, an attractive waterfront property is still going to sell at a premium. Educated buyers who are serious about owning in Muskoka are willing to pay top dollar. I don’t expect that to change,” he said. O’Rourke noted that the months of inventory was four times higher in April than the same month last year, indicating an eventual return to a more balanced market.
Michael Rigillo | Real Estate Agent | Royal LePage Locations North Brokerage | 1249 Mosley St, Wasaga Beach, L9Z 2E5 | 705-441-5300 | email@example.com
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Michael Rigillo brings 20+ years of sales and marketing experience from various careers. He is a local entrepreneur and owns investment properties in Muskoka, Collingwood and Blue Mountains. Originall....
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