Muskoka Real Estate Market Report

Muskoka Real Estate Market | May 2020

Prepared May 2020

By: Susan Benson & Mark Benson

As Federal, Provincial and Municipal leaders work together with health authorities to guide us through the current pandemic, we are monitoring its impact on Muskoka and Cottage Country real estate. Three real estate trends have been emerging for some time, and while we have identified these in previous reports, we believe that they will accelerate post COVID.  But before we go there, we would just like to pause and say that, we are thinking about you and hope that you and your family are coping.
 
First, this pandemic has inspired broader acceptance to the idea of working, learning and meeting from home or cottage. The Federal Government appears to be making equitable broadband access a priority. We believe this will drive additional demand for cottage country.
 
Secondly, retirees are cashing out of more expensive urban areas and buying in less expensive, less densely populated communities such as ours. While much of this has been spurred on by economics, there is now the perceived added health benefit of more space.  Even younger families and those contemplating semi retirement appear motivated  to make the move sooner. 
 
And thirdly, we expect prices to remain flat or change modestly. Even as we expect increased demand to continue, there is a level of uncertainty as to the impact of COVID on the market. 
 
For context to our thoughts on these trends we thought it appropriate to provide you with an overview of January through April, along with some observations for the first week of May.
 
More generally, total year to date units sold across all segments is down 33 units or 10% from last year. That said, anecdotally, our listings and those of our colleagues have received solid on line interest. In addition, since talk of the gradual reopening of businesses, we have experienced a significant   increase in phone calls seeking information on listed properties.  Our realtor colleagues seem to agree that as of the last week of April and first week of May there has been refreshed interest in the purchase of homes and cottages. 
 
For detailed statistics and graphs across specific Muskoka District and Almaguin markets (more info)  
COVID in cottage country-Muskoka Lakes Association is keeping you informed! (
more info)

Muskoka Waterfront:
Unsurprisingly, year to date units are down 31% to 51 as necessary health protocols are followed. The average sale price has declined by 6.35% to $1,020,797 and the median price has moved down 4.48% to $665,000. Properties that are for sale are selling more quickly with days on the market declining from 97 days in 2019 to 85 days in 2020. Meanwhile, the ratio of sold price to list price has decreased from 96% to 94.5%, year to date. 
 
Of the 422 waterfront properties available for sale in the District of Muskoka, as of May 7th,  118 are listed at over $1,000,000. The highest priced sale so far this year is $7.5 million on Riverdale Road in Port Sandfield. The most expensive waterfront property listed is available for $13.9 million on Lake Muskoka.
 
The average sale price on Lake Rosseau, Lake Joseph and Lake Muskoka is now at $2,130,500 while the median is $1,732,500, representing a year to date increase in both. Meanwhile, 1 more unit sale has taken place on the “big three” year to date as compared with last year. 
 
In addition, as we have stated in previous reports, we believe listing prices particularly at the top 1% of the Township of Muskoka Lakes waterfront market may be creating a false sense of general market price momentum. Currently 10 properties are available for sale at over $5,000,000 and the average time on the market for this group is 415 days. 
 
Looking for COVID updates for Muskoka Cottage Country? Muskoka Lakes Association is in top of it. (more info)  
 

Muskoka Residential
The average price for single family properties is up 5.25% year to date while the median price is up 5.57% as compared with the same period last year. Days on market is exactly the same at 48 days while the ratio of sales price to list has moved from 92% to 98.07%.  Total unit sales is down 10% down from last year at this time. 124 properties are available including 74 properties below $500,000, 44  properties at between $500,000 and $1,000,000 and 6 for over $1,000,000. The highest list price is now $1,800,000 on Woodington Road. Year to date, the highest priced property sold for $549,000 at 2138 Ravenscliffe Road.

Muskoka Condo
Year to date condo sales are down from 38 units to 28, while  days on market has remained the same as last year at 60 days. The ratio of sale price to list price is 97% while year to date average sale price is $282,000, down 12% from last year at this time. The main reason for this drop is due to a reduction in the number of higher priced waterfront condo sales as compared with last year.  

Muskoka Vacant Land
Year to date vacant land sales of 70 units, including 10 waterfront, is almost the same as last year.   Vacant land average price has declined from $145,000 to $118,000 year to date. The median price for all vacant land types has remained the same as last year at $90,000, days on market has doubled while the list to sale remains the same at approximately 92%.
 
*PLEASE NOTE: As at January - April 30th, 2020 unless otherwise noted. Our reports are prepared using a variety of resources, including The Lakelands Association of Realtors. 

TOP 3 FEATURED SPRING LISTINGS
LAKE MUSKOKA - located near Muskoka Bay Club Golf and Gravenhurst for easy commute.
Almost 300' of waterfront with boathouse and 4 bedroom, 3 bathroom, year round home.

THREE MILE LAKE - located near Windermere. 500’ of waterfront privacy with 4 bedroom, 3 bathroom year round cottage.
 Recipient of Muskoka Heritage Foundation, Natural Heritage Stewardship Award.
 
LOON LAKE - located near Kearney and Algonquin Park, this 4 bedroom, 1 bathroom cottage has over 
300’ of waterfront and 3+ acres in extraordinary woodland setting.
 
CALL NOW FOR MORE INFORMATION & YOUR PERSONAL TOUR 
(COVID PROTOCOLS APPLY)
 
 


 

Related Files

2020 Muskoka Market Report - MAY.pdf

2020 Muskoka Market Report - MAY.pdf