Although there is some hesitation in the real estate market at the moment, families will always want to have their own piece of cottage country heaven.
The biggest difference in the market now is that we’ve been through two years of a market on overdrive; now it’s begun to settle and return to a normal pace.
“Both the housing and recreational markets are normalizing to a pre-COVID pace,” says Jeffrey Braun, sales representative for Royal LePage Lakes of Muskoka Clarke Muskoka Realty. “The interest is still there, but the rush to buy has subsided.”
Instead of placing enormous bids on properties – often without any conditions – interested buyers are taking their time and going through the procedures the market was accustomed to prior to the craze of 2020 and 2021. There are also fewer multiple offer situations taking place and more inventory for buyers to consider.
Does this mean listings are taking longer to sell? Yes. But, in a positive sense, it’s a bit of return to life as we knew it in 2019 and the years before.
Buyers are now doing home inspections and doing standard closing dates 30, 60 or 90 days out. They have other conditions as well: it could be a condition of financing, or a condition of selling their other property.
“They are still buying, they’re just not rushing to beat the crowds,” says Jeffrey. “Rather, they’re taking their time and considering all their options before deciding on a property that’s the right fit for their family. I would describe it as being in between a buyer’s and a seller’s market.”
Sales representative Bob Emmett, who has over 25 years’ experience in real estate in the Port Severn area, says waterfront properties will always be a good investment.
“That won’t change. The demand will always be there,” he says. “We are anticipating the market, particularly on the recreational side of things, to pick up this summer when kids are out of school and people are on vacation.”
Luxury properties
The Clarke Muskoka Realty team are experts at providing quality advice and representation to buyers and sellers of luxury recreational properties.
Real estate prices for recreational and luxury properties should stay relatively stable, says John Matthews, broker of record for Royal LePage Lakes of Muskoka Clarke Muskoka Realty.
“The demand remains high, as do the land value and building costs on these properties,” explains John. “This means even in a calmer market, properties in the luxury market retain their worth. We’re still seeing a lot of interest for these types of cottages.”
Grand opening
The Clarke team has been operating out of their Port Severn location for several months. The official Grand Opening took place in early July, complete with a new sign.
When an opportunity presented itself late last year to expand their territory, Clarke Muskoka Realty was happy to do so. They now cover Georgian Bay Township, Tay Township, Orillia, Severn Township, Ramara, and Simcoe County, in addition to their flagship office in Muskoka.
It’s an exciting market for Clarke Muskoka Realty, as many buyers have been broadening their search region as they seek to purchase their cottage. Being able to service those clients with a knowledgeable, passionate and experienced team is a recipe for success.
“We are very happy with the team representing us in those areas,” says Bob Clarke, owner of Royal LePage Lakes of Muskoka Clarke Muskoka Realty. “Bob Emmett and Jeffrey have been a great addition to our team.”
TEXT CHRIS OCCHIUZZI
