- Prices up by +30% in Q4 2020 and continue rising
- Bidding war competitions hit new highs
Muskoka District of Ontario Considered â€œCrÃ¨me de la CrÃ¨meâ€
Some two and a half hours north of Toronto, Ontario, the Muskoka district has long attracted Toronto residents as well as international vacationers and buyers alike.
During the late 1800â€™s, Pennsylvania steel mill magnates began building huge homes on Lake Muskoka.Â According to Cameron White with Chestnut Park Real Estate, â€œThis area has been the crÃ¨me de la crÃ¨me, the gem since cottages became popular.â€
2020 â€œBest Year Everâ€ & 2021 Even Better
According to Todd Adair, founder and president with Cayman Marshall International Realty, 2020 was â€œthe best year everâ€ for Muskokaâ€™s housing market.Â Houses in the neighborhood of $4.5M have been â€œselling very fast while they are exclusive (prior to listing) â€“ before we even go to the market.â€
Adair predicts that Muskokaâ€™s housing market â€œâ€¦will be as good or betterâ€¦â€ if and when the districtâ€™s inventory bounces back from nearly frenzied buying and foreigners return once pandemic travel restrictions are lifted.
Prices Mirroring Demand
Prices mirrored pent-up demand in Q4 2020 with prices jumping +30% from September through November.
White with Chestnut Park Real EstateÂ said that the 2021 market has been â€œcrazyâ€¦the housing market is the strongest I have ever seen.
Lakefront Properties in High Demand
Lakefront properties on Muskokaâ€™s three main lakes â€“ Lake Muskoka, Lake Joseph and Lake Rosseau â€“ are in the highest demand.
Sales jumped +46% y/y in April 2021, according to the Lakelands Association of RealtorsÂ that covers much of Ontarioâ€™s cottage country.
Along with exploding sales, the median price for a residential waterfront property was a record-high $736,000, an increase of a whopping +70.5% y/y
Non-waterfront property sales also doubled from April 2020 along with the median price of $480,000, an increase of +46% y/y.
New Construction & Rental Properties Soaring
According to Adair, new home construction is â€œbooming.â€Â Plus rental cottages are generating $16,500 – $41,000/week.
Russ Halloran, broker and senior vice president of Wale sales with Halloran & Associates,Â an affiliate of Sothebyâ€™s International Realty Canada,Â said that two factors have accelerated this jump to cottage country in Ontarioâ€¦the COVID pandemic, of course, and the major infrastructure grants made by 5G internet connectors.
Such new cell towers and connectivity have, â€œâ€¦eliminated the final objection to moving north full time.Â If (buyers) have a year-round cottage or a three-season and winterize it, they are ready to go.â€
Thanks to The New York Times International Edition.
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