Sales Are Picking Up in the Place to Wind Down
Tuesday Sep 08th, 2020Share
2020 has taught our world many things. What might have lacked importance prior, have proven to be beneficial, and even life-changing. Washing your hands frequently, wearing a face covering, keeping a safe distance between you and others, are some of the many of the lessons 2020 has taught us. However, there is one that has proved itself to be the most important above all. To value your life, and to take the time to enjoy it.
The pandemic is proving that people are looking to find more enjoyment in places north of the city. Ontario’s cottage country is currently experiencing a boom, attracting many members of different cities and urban areas, looking to get in touch with some more nature. Although premier Doug Ford, asked Ontarians to avoid traveling north during Ontario’s stay home order, this didn’t stop city residents from looking into buying property, with hopes to wind down and enjoy nature.
COVID-19 has proved that life happens fast, and we can make adjustments to the traditional ways of living it. With the ever-prevalent fact that work can be done from home, the pool of potential cottage buyers has increased significantly. Prices for property north of the city climbed to 10.5% in June. The past has shown that Ontario real estate for cottage country typically slows down after the Canada Day long weekend. However, now more than ever the market is becoming increasingly competitive!
Stella Keay of Cayman Marshall, an agent north of Toronto, explains the current situation with the cottage market and how the pandemic had a strong part in boosting sales. She says, “We are seeing a lot of buyers moving north due to their ability to work remotely. Because people are not having to go into “the office”…[there is] an influx of new full-time Muskoka residents which is impacting the residential markets in Huntsville, Bracebridge, and Gravenhurst alike.” In Keay’s experience over the last few months, properties have been selling over asking and receiving multiple offers. Currently, cottage country is becoming a buyer’s market. In July alone, Muskoka saw an 18-20% decline of waterfront listings, with only 69 listings coming to market. This past July, Muskoka had 122 cottage sales, which is 25% more than July sales in 2019. The Greater Simcoe area experienced a 21% decline in total listing the first week of July, with sales increases by 85%. Keay states that if this pace continues, experts fear there will be no more supply at all.
The idea to move or find a place in cottage country, in its many areas, is a beautiful idea to enjoy what life has to offer. However, there is no time to waste. If this is an interest of yours Kaey recommends, “[B]uyers should be getting pre-approval from their lenders and are familiarizing themselves with their search areas. There is no time to waste in today’s market. Having a strict criterion and understanding of what areas buyers are interested in, helps.”