Muskoka Housing Market
The Muskoka housing market slowed to almost a standstill following COVID-19. Buyer interest in recreational markets increased, with lots of people looking to cottage country for an escape from cities. Many of the prospective sellers decided not to sell their cottages, since the pandemic created a desire to have a recreational property.
In fact, there was an increased demand, along with the fact that so many full-time professionals are now able to work from home or remotely. This fact has been responsible for putting the Muskoka housing market in such a strong “sellers territory.”
It was also reported that the average price for a residential properties are expected to increase as more people are looking for properties outside cities. This activity should continue at this pace for the next 12 months.
The COVID-19 Pandemic and Real Estate
Luxury markets in the region have also experienced a surge in the number os sales in 2020, compared to the same time last year. However, due to the ongoing pandemic, American and International buyers are unable to participate.
The Muskoka market is expected to remain at the same pace or possibly see an increase of 15% – 20%. With an increase in the average residential sale price also expected to continue until the end of the year.
Ontario Real Estate Trends
The province was one of the hardest hit regions in Canada that saw a serious drops in activity. In June certain regions began to bounce back as the economy began to reopen. With all of Ontario now in phase three and that consumers are engaging in the market. The market activity in the province is expected to remain steady in the fall.
It was reported that 56% of Canadian’s feel confident in Canada’s real estate market, and they are likely to buy or sell. 39% of Canadian’s are reported to be as confident as they were before the pandemic, with 37% being less confident.
Canadian Housing Market Trends
The Average residential sale price in Canada could see an increase of 4.6% during the remainder of the year. Compared to the 3.7% increase that was predicted in 2019. According to research, 39% of Canadian’s no longer want to live in urban areas. Instead they would choose to live in rural or suburban communities.
This trend was stronger in the 55+ age group, with 44% of Canadian’s wanting to live somewhere that offers them more space and personal amenities.
Contact Lori VanDinther Today
There’s a lot going on in the world and we know you might have some questions. If you’re looking for more information about market up dates related to COVID-19, Lori will be happy to help answer those questions as well. Or you might be looking to put your property on the market, please contact Lori and her team and they’ll be happy to help.