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 a normal pace.
No longer are properties in Muskoka seeing multiple bids and lightning-fast closing dates, explains Bob Clarke, owner of Royal LePage Lakes of Muskoka Clarke Muskoka Realty. Yet, the interest and desire to be in the region remains high.
“We’re seeing a pre-pandemic pace return to the market,” says Bob. “People are still in the market for their dream properties, but the intensity and urgency of the buyers has dissipated.”
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.
“We saw this starting late last year and definitely earlier in 2022,” says Bob. “Buyers are taking their time and making solid investment decisions on the properties they are purchasing.”
With a dearth of available building lots, buyers are looking at properties that can check off a lot of the boxes they’re looking for in a cottage. And they’re researching the properties that best meet their wants and needs.
“The demand for waterfront property in Muskoka has always been high,” says Bob. “This won’t go away anytime soon. Seeing the market return to a normal pace was inevitable once society opened up again.”
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.”
Clarke Muskoka Realty has been expanding in recent years – both in territory and in terms of team members.
Having recently held the grand opening on their Port Severn office to better serve the Simcoe County and Georgian Bay regions, they are also seeing growth in the Huntsville, Lake of Bays, and Haliburton areas.
Their Muskoka-based team includes sales representatives Marnie Clarke, Rick Woods, Doug Reid, Kelcie Taylor, and Ashley Waites as well as real estate coordinator Ally Roberge. Meanwhile, the Port Severn office features sales representatives Bob Emmett and Jeffrey Braun.
“Our team is a tremendous asset to us and our clients,” says Bob Clarke. “We’re excited about the future in all the areas we represent.”
TEXT CHRIS OCCHIUZZI