Cottage Country Marketplace
The basic message? 2017 was a very strong year. For all segments of our marketplace record average prices were achieved. Most, but not every geography had record numbers of sales. All properties sold faster than in the last 3 years on average and at stronger percentages of ask.
We have chosen to take a high-level perspective of the waterfront real estate market in the primary areas we serve. The numbers we have are general and indicative of trends across a large geography. Conditions change within geography, in fact, they even change by lake if you go to the detail of understanding the effects of exposure and view on sales.
The Big 3 (Lakes Joseph, Muskoka and Rosseau)
For mainland property, $2419K was the average price. Although there was a larger number of truly high end (above $5 million) properties sold, the biggest shift in value came above $2 million. Sales occurred at a faster rate than we have seen before, with the average days on market for mainland property dropping to 54 from the mid 70’s the year previously. Total number of sales, though, remained constant with 2016 at 238. Sales averaged 97% of the ask at time of sale.
District of Muskoka (Bracebridge, Gravenhurst, Lake of Bays, Township of Muskoka Lakes and Township of Georgian Bay)
The District of Muskoka includes many smaller lakes as well as large bodies of water like Lake of Bays, Skeleton Lake, the Huntsville chain of Vernon, Fairy, Peninsula and Mary. There is wide variation in this collection of 938 sales. Average price in the District was $899K. Looking at Lake of Bays, numbers very closely align with The Big 3 mentioned above. Smaller lakes may more closely resemble Haliburton stats in the next paragraph. Across the District average days to sell a property was 72. Sales averaged 96.5% of the ask at time of sale.
Other than Kawagama Lake (the largest in Haliburton), Haliburton is comprised of many smaller lakes and a few medium sized bodies of water (Redstone, Kennisis, Boshkung and Kashawigamog). Average price rose more than 20% last year to $515K. For the buyer who wants to enjoy the cottage experience, reasonably close to the GTA, Haliburton offers good value. This was recognized by what people were willing to spend. That said, the actual number of sales in Haliburton dropped by 10%. We think it’s because of elasticity. People buying in this range aren’t willing to stretch themselves too far to enjoycottage life, they might prefer the compromise of a longer drive to achieve a lower capital cost. Percent of last ask was 97.7% and average time to sell 90 days. We think the number of days is higher because buyers in this range are careful and deliberate in making their decisions to buy.
We are as busy in Severn (part of Simcoe) and Parry Sound as we are in the areas mentioned above, in general terms, performance there mirrors them. Record prices, strong number of sales and shorter days to sell.
We have a lot of data at our finger tips. If you are interested in a particular lake, just ask. We are happy to provide you with the stats we have.
Please note, we have mentioned lake size several times. The size of a body of water has direct impact on property value. The bigger the lake, the more expensive the land. It’s that simple. Islands, too, usually trade at land value of about 40% of local mainland.
Check Out Our New Exclusive Listing
Muldrew Lake Gravenhurst. Close to town, situated on a gentle, private lot, this year-round cottage (on year-round, Municipal road) has been recently renovated and upgraded. Main living area on the upper level is airy and bright with custom kitchen, granite counters & cork floor. Warm and inviting, the wide-open dining/living room offers lake vistas from every corner. For winter use, the granite fireplace with efficient insert adds a cozy touch. An updated main bathroom and Master bedroom complete the ensemble. Lower level walk-in with 2 beds, full bath and family room. Upper level screened MuskokaRoom with bird’s eye views and wrap around deck with new railings & glass inserts. This cottage has new windows & doors throughout, a newer propane furnace, generator & new 100-amp breaker panel. The lower level floor has been insulated & finished with cork flooring. Roof reshingled in 2014. This property is where memories are made. Spacious land, gentle and graced with great pines for trueMuskoka ambiance. Places to roam and play and with 175` of water frontage including beach makes this a special offering indeed! Walk the land and you will know you’ve found a lifetime property with room to expand and grow. Asking $795. Let us know if you want to see it!
Wishing you a happy and prosperous new year!
Laura, Lucy & Ross
The Rosskoka Team at RE/MAX Hallmark in Muskoka