Muskoka Real Estate Market Report

Muskoka Chairs on the Indian River in Port Carling, Ontario in Port Carling

MUSKOKA MARKET SHIFTS AS SEASONS CHANGE

September 2022

By: Susan Benson & Mark Benson

Conditions that took the Muskoka real estate prices to their peak no longer exist. Amid low, albeit rising mortgage interest rates, sellers should be prepared for:
  • Growing competition
  • Increased time on market
  • Price depreciation
What your neighbour sold for in 2021 is unlikely to be matched in the coming months. The window has opened for Buyers to negotiate across all market segments as conditional offers are now the norm and more properties are available to show.  Buyers are in a unique market that can work to their advantage - but be aware, there is still enough demand to spark competing offers during the negotiation. Market factors still matter.  Keep scrolling below for this month's market update packed with our Muskoka real estate analysis, upcoming events, and helpful tips. 
 
Sales across all sectors is down 45% as compared with last year. New listings are hitting the market at a similar rate to 2021 but the decline in sales is causing an accumulation of inventory with total active listings up 48%. Average price is up 6% month over month at $981,480 and days on market has moved from 15 to 25 days. 

Bolstered by the momentum of the first quarter market, year to date unit sales is down 37%, new listings is down 12% and months of inventory is at 2.5 months as compared with 1.4 a year ago. Average price is up 14% across all markets at $1,011,639 and days on market has increased slightly to 11 days.

What This Means for Buyers and Sellers
Going into the Fall, Buyers have opportunity for negotiation of conditions and to a limited extent price, within what no longer remains a Seller’s market. 

For those thinking about selling – prices remain close to historic highs, while interest rates, and days on market are still low. While inventory levels are moving towards a more balanced market there is still considerable demand.

Muskoka Waterfront:
639 waterfront properties have sold via the Lakelands North Real Estate Board.  Average  price is up 23% at $1,416,095, median is up by 14% at $967,500  driven largely by the number of properties that have sold for over $5,000,000. Meanwhile inventory levels have almost doubled to 3.3 months and median days on market is at 12 days. Sales to list ratio is now at 101%, down 7% over this time last year. As we move into the fall we do expect further price softening, a drop in the number of properties going above list and more price corrections. 

Of the 166 waterfront properties for sale across Muskoka, 22 are listed at above $5,000,000 and approximately 25 have sold so far this year at or above this price point. 104 properties sold this past month representing approximately 15% of the year’s total sales.

The most expensive waterfront property available in Muskoka is 1140 Morinus Road on Lake Rosseau. Call Mark or Susan now for your private showing if your interest is piqued by almost 600' of private waterfront and a luxurious 5,000 sq ' main cottage. 

The most expensive sale so far remains Orgil’s Point which sold for $17,250,000.
 
Muskoka Non Waterfront Residential

Year to date 819 residential properties have sold via the Lakelands North Real Estate Board, down 26% over last year. There is a 15% increase in listings and a 107% sale to list price ratio, up 1% over last year. Driven primary by the momentum of the first quarter, year to date  average price of a non-waterfront home has increased 16% to $696,074 while median price is up 17% to $645,000. We expect to see these numbers decline going into the Fall. For example,  the month over month, sales to list ratio is 97% down 5% from a year ago in the midst of rising, albeit still very limited inventory at 1.8 months.

There are 186 residential single family properties for sale in Muskoka including 58 at above $1,000,000, and 6 above $2,000,000. 

The most expensive non-waterfront property in Muskoka is at 1513 Falkenburg Road in Bracebridge at $3,995,000. If you are looking for a spectacular rural escape with fully appointed main house, guest house, and workshop set amidst several ponds on 195 acres call Mark or Susan now to book your private showing.

*PLEASE NOTE: As at January - September 1st, 2022 unless otherwise noted. Ongoing updates to follow as information is verified. Our reports are prepared using a variety of resources, including Royal LePage Canada proprietary research, The Canadian Real Estate Association, The Lakelands Association of Realtors; *Lakelands North (Haliburton, Muskoka, Georgian Bay, Archipelago, Parry Sound, Severn).

LATEST LISTINGS HERE

The Property Match Maker!

We have some very happy Buyers and Sellers thanks to the response to our property match making efforts over the last few months! 

If you know someone who is thinking about selling, and has who is not already working with a realtor, we would love an opportunity to speak with them about the Muskoka  real estate market and options that are available to them.

Here are what some of our current buyers are looking for:
 
Lakefront Cottage: This couple is all about family. Now close to retirement, they plan to spend winters in Florida following the Jays, and summers in Muskoka with all of their grandchildren. They seek a family compound that facilitates a happy sharing arrangement in Muskoka or Haliburton.

Rural Bracebridge Home:  This couple is retiring from the GTA and making a move to be closer to family in Muskoka.  Privacy preferred but most important is main floor living. 

LET'S SET UP A TIME TO TALK! susan@markbenson.ca

NOT TO BE MISSED LOCAL COTTAGE COUNTRY EVENTS

SEPT 23-25: HUNTSVILLE FALL FAIR
Another fair full of fun for the whole family. Stay up-to-date with event announcements and find full fair details online.

SEPT 24: ALL CANDIDATES MEETING
Saturday, September 24 from 10:00 am to noon at Port Carling Community Centre, 3 Bailey Street, Port Carling. Doors open at 9:30 am. This is an opportunity to meet the candidates and acclaimed councillors and to hear their platforms. 

SEPT 24: POTLUCK AT RAYMOND HALL RETURNS
The not to be missed Potluck dinner at Raymond Hall is back! Bring an item to share, your own utensils and arrive at 5:30 - you won't leave hungry! Contact Jim Smith of Poppa Jim's Honey (best honey in Canada) for more information at 705-645-7112.

SEPT 24: COFFEE HOUSE 
After the Raymond Potluck head on over to Muskoka Place Gallery at 8:00 pm to watch Muskoka's own Joe Charron who is back from BC. Admission $10 at the door. Refreshments by donation in the jar. Details 705-765-0340.

SEPTEMBER 29: ALL CANDIDATES MEETING
The Muskoka Lakes Chamber of Commerce will host an All Candidates Business Forum, September 29, 6:30 pm to 9:00 pm at Glen Orchard Public School. The first hour will provide an opportunity for electors to speak one-on-one with candidates and acclaimed councillors, followed by a fireside chat with mayoral candidates Phil Harding and Peter Kelley on stage. Journalist Matt Driscoll will moderate the discussion between the two mayoral candidates. Registration is appreciated at admin@muskokalakeschamber.ca.

OCT 14-16: BALA CRANBERRY FESTIVAL
The Bala Cranberry Festival is a fun packed weekend for everyone! (read more here)

OCT 22: WINDERMERE CHILLI SUPPER 
Windermere Chilli Supper. Bulk up before winter! 5:00pm - 7pm at Windermere Community Hall. All proceeds to the Peter Hill Community Outreach Fund. 

OCTOBER 24: ELECTION DAY
Mark your calendar for the Municipal Election. Find out more from the Muskoka Lakes Association Vote4Muskoka 

OCT 15 AND 30: HALLOWEEN SPOOKTACULAR
Calling all goblins, ghouls and ghosts – Santa and his Elves have transformed Santa’s Village for our Halloween Spooktacular weekends! 1624 Golden Beach Rd, Bracebridge, ON  www.santasvillage.ca | info@santasvillage.ca | 705-645-2512

STAY TUNED AS WE ADD MORE NOT TO BE MISSED LOCAL EVENTS!

 

Check out more Muskoka Events Here

FEATURED CLIENT QUESTIONS

This month we are featuring three client questions:

  1. Is Fall or Spring a Better Time to Sell?
  2. Can I put a Green Roof on my Boathouse?
  3. How does the Non-Resident Canadian Non-Speculation Tax affect Me?
You won't want to miss the answers so click on the button below!

FEATURED CLIENT QUESTION

HELPFUL COTTAGE TIPS

Check out the Muskoka Lakes Association Good Neighbour Code  

Whether you are new or old to cottaging the Muskoka Lakes Good Neighbour Code is an excellent resource for you! As you may already know, the MLA is the oldest cottage association in Canada.

This highly-qualified volunteer group monitors water quality, Official Plan reviews, By Law updates, and is a powerful lobby group for environmentally responsible development.
Your eyes and ears on Muskoka for just $150.00.

Contact Susan, MLA Board Member, to find out why we have been members for years - and why we recommend that you consider Membership too. 

 

MLA GOOD NEIGHBOUR CODE HERE

Royal LePage Home Renovation ROI Report

The just released national Survey of Royal LePage Property Experts, including us, found that a kitchen renovation is the most worthwhile improvement project, with the potential to increase a home’s value by 20%. 

Key highlights from the release include:

  • Royal LePage professionals say, on average, bathroom renovations can increase the value of a home by 16%
  • Finished basements and basement apartments have the potential to increase a home’s value by 15%, according to survey results
  • Outdoor entertaining space and landscaping have the potential to increase a property’s value by an average of 10%, according to respondents.
  • For Canadians looking for general guidance on where to invest in their home renovation projects, 87% of surveyed experts recommend interior renovations.

Thinking about selling and not sure what improvements to make? 

LET'S BOOK AN APPOINTMENT NOW TO SET UP A TIME TO CHAT 705-706-1020.

Royal LePage Renovation Survey May 2022

Millenial Demographic Survey

Six in ten non-homeowner millennials in Canada believe they will one day own a home, but half say they would have to relocate: Royal LePage Survey highlights include:

60% of Canadian millennials who do not currently own a home believe they will one day, however, 52% of them say they would have to relocate in order to achieve this milestone

72% of millennials in Canada would choose to continue living in their current city or town, if the cost of living was not an issue

40% of millennials in Canada say they would change employers to be able to work fully remotely; top motivators include the cost and time associated with commuting

68% of non-homeowner millennials in Canada say that owning a home is important to them

Nationally, more than 4 million millennials (51%) say they plan to purchase a home within the next five years

Royal LePage urges policy makers to remain focused on efforts to increase supply of housing in Canada, despite cooling market. 

Thinking about selling and not sure what improvements to make? 

LET'S BOOK AN APPOINTMENT NOW TO SET UP A TIME TO CHAT 705-706-1020.

Milenial Demographic Survey