2017 Muskoka Real Estate market review is a story of low inventory levels across the district in both residential off-water and waterfront properties. The season started with a gallop with buyers anxious to jump into the market. The heat of the Toronto market lit the Muskoka residential market flame. Frustration in the market was seen as buyers searched for the perfect spot from a limited “buffet” of listings or losing out in a multiple offer bid. However, the Ontario Fair Housing legislation which impacted sales in the GTA did not have a dramatic effect on the Muskoka waterfront market. Cottages are discretionary purchases. If the cottage buyer does not see a selection of cottages that match at least some of their wants, they will hold steady and wait for a greater selection to appear. It is not surprising that lower inventory levels lead to lower sales volumes and that is exactly what we saw across the Muskoka waterfront market.
There were 239 waterfront units listed for sale on the Muskoka-Haliburton Lakelands real estate board at the end of December 2017. This was a decrease of 33% from the 359 units listed for sale at the end of 2016. Looking a Muskoka Almaguin overall, there were 957 single family waterfront units reported sold in 2017 a decrease of 12% from the 1,093 reported sold in 2016.
Huntsville Single family waterfront sales decreased 37% with 81 waterfront units sold versus the 2016 figure of 128.
Lake of Bays – the second largest lake in Muskoka, (and coincidentally head office to the awesome Royal LePage Richardson Team of professional Realtors®) saw a decrease of 14% in the total number of units sold on the lake. There were 65 units sold versus the 76 units reported sold in 2016.
Lake of Bays average sale price in 2017 was $1,011,000. The median sale price was $742,500.
The following charts and graphics will give greater detail of the year that was. We are looking forward to a very positive 2018 and hopefully, we will see greater inventory levels across the region, allowing cottage buyers more selection.