Real Estate Market Update | Muskoka, January-April 2021
This report almost writes itself. The market forces that have driven recreational, secondary, and rural markets have remained unchanged through the pandemic. The desire for space in settings safer than dense urban centers coupled with the ability to work remotely have made these marketplaces a magnet for buyers. Historically low-interest rates have also contributed. The combined effect of all these factors has resulted in a dramatic increase in demand, average prices, and a decline in available inventory.
For all waterfront sales across the region, the median sale price increased by a stunning 67 percent on a year-over-year basis. The average sale price for waterfront properties in the region is now $850,000. This is an eye-popping number, particularly given the broad range of property values throughout the various sub-markets region. Here are some examples of what has happened to sales and prices in the region.
Waterfront property sales in the Haliburton area more than doubled compared to the same period in 2020. These sales results represent a new record for the region. Months of inventory declined to 0.8 months (this is less than Toronto, which has had a chronically low inventory count) from an unbelievable 10.9 months last year. Correspondingly the average sale price exceeded $800,000, an increase of more than 50 percent year-over-year, also a new record.
Similarly, in Lake of Bays sales more than doubled over the same period compared to last year, again a record. Months of inventory declined from 26 months to 3.6 months. Properties spent only 12 days on market, and the median sale price came in at $1,027,000, a 14.2 percent increase on a year-over-year basis.
The following charts (April data) detailing sales activity and days on market visually indicate how the Muskoka and region market has been changed by the prevailing market forces.
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A Waterskiing Classic | The J-Craft Re-emerges in Muskoka
Life on the lakes is all about nostalgia. From vintage water skis mounted on the cottage wall to the location of the secret fishing spot passed down from generation to generation. Now a beloved watercraft that had largely disappeared from Muskoka is poised for a comeback.
After all but disappearing over the last few decades, the J-Craft is making a resurgence in the region. That resurgence can largely be attributed to Chris Holmes, a water-skiing fanatic who has spent his life around marinas and is a lifelong fan of the J-Craft.
