Muskoka Real Estate Market Report
Is it Still a Seller's Real Estate Market in Muskoka?
By: Susan Benson & Mark Benson
The Muskoka real estate market is still a sizzling Seller’s market….but for how long? While our realtor colleagues in the GTA are reporting price drops and lengthening days on market this is not yet evident in the current Muskoka market. To date, interest rate hikes and foreign buyer taxes are having minimal effect. Average price in both residential and waterfront submarkets have continued to appreciate both month over month and year to date driven primarily by higher end of the market properties. While sales of both waterfront and non waterfront properties are down over the same period last year, this is driven by a significant drop in listings, 35% and 30% respectively, over the same period.
That said, the market is shifting. Sellers are now benefiting from record prices driven by a lack of inventory. There are fewer buyers willing and able to pay current prices as some have either moved to less expensive markets or into a hold pattern. This is playing out with fewer successful “hold offer dates”, an ever declining number of buyers willing to compete for the same property and slowing price appreciation. Given fears of recession and stagflation on the horizon, if you are thinking about selling now may be a good time. Be sure to discuss selling strategy options with your realtor as it is not a one size fits all approach in this shifting market.
LAKELANDS REAL ESTATE NORTH BOARD STATS
Scroll below for the National Royal LePage Survey on Renovation ROI, Muskoka Lakes Association Water Quality Webinar, The Property Matchmaker...and so much more.
221 waterfront properties have sold via the Lakelands North Real Estate Board year to date, with a median of 11 days on the market - an increase of two days over this time last year. Average year to date price has increased by 34% to $1,423,571 while the year to date median of $1,150,000 is up 39% over last year at this time. There is 2.1 months of inventory available for sale up slightly from last year but considerably less than the more typical 8-11 months of previous years. As prices continue to rise we will be watching to see whether inventory levels and days on market begin to rise in tandem, potentially signalling, price resistance.
There are 190 properties for sale in Muskoka, down 26% year to date. Of these 70 are listed above $1,000,000.
LATEST LISTINGS HERE
Muskoka Non Waterfront Residential
690 residential properties have sold year to date via the Lakelands North Real Estate Board within a median of 9 days on market - same as last year, and considerably less than the more typical 26 days in both 2020 and 2019. The sale to list price ratio is currently 111% down 3% from March, but still very respectable given considerably higher prices. This remains very favourable for Sellers as compared with 109% in 2021 and 97% in each of the two years previous to that. YTD average price increased by 18% to $979,479. More properties are selling in the higher end and over $1,000,000 reflected by a median price of $758,750 up 14% year to date. There is currently 1.3 months of inventory available for sale, same as last year and much tighter than the 5+ months of inventory of previous years.
There are 88 non-waterfront properties for sale in Muskoka, down 28% from a year ago. Of these 37 are listed above $1,000,000. Generally these homes are more recently built larger homes in subdivisions such as Mattamy, Inverary, Muskoka Bay, Woodland Heights and Devonleigh with layouts and square footage that are most attractive to buyers who are leaving the GTA.
The most expensive non-waterfront property sold in Muskoka so far this year is 30 Nature’s Way in Huntsville at $2,430,000.00.
*PLEASE NOTE: As at January - May 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).
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 three 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. We are working with a number of buyers so we thought it might be helpful to highlight what they are looking for.
Bracebridge Heritage Home: Retired couple looking to move to downtown Bracebridge. Well maintained Historic home preferred but will consider new/newer build.
Muskoka Farm/Acreage: This buyer has family in the Beatrice Townline/Windermere region so this area is their first choice though they would consider properties in the broader vicinity. Ideally 40-100 acres. (Note: We found a farm for one buyer and now looking to help another buyer. (Thank you Margaret and Peter!)
Lake Rosseau Cottage: Couple wishes to move out of their island cottage to the mainland. At least three bedrooms plus boathouse. Windermere, Lake Rosseau neighbourhood preferred.
Skeleton Lake: This buyer has family connections to this lake so though Skeleton is their preferred location they are open to other larger lakes. Seeking a 3 bedroom 2 bathroom cottage ideally with boathouse and bunkie. Will settle for one bathroom! Preference for access to Hwy 141.
LET'S SET UP A TIME TO TALK! firstname.lastname@example.org
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%.
Royal LePage Renovation Survey May 2022
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.
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.
Contact Susan, MLA Board Member, to find out why we have been members for years - and why we recommend that you consider Membership too.
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.
MLA GOOD NEIGHBOUR CODE HERE
FEATURED CLIENT QUESTIONS
This month we are featuring two client questions! The first, "What do I do with my Fireplace Ashes?" and the second, 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
Muskoka Lakes Association Water Quality Monitoring
So you want to maintain or improve property value? Join the Muskoka Lakes Association and hear the results of the MLA's 2021 Water Quality Monitoring Program May 10th at 5:00pm. Moderated by MLA President Deborah Martin-Downs, panel guests include Chris Cragg, MLA Director and Chair of the Environment Committee, Kristopher Hadley, Ph.D, Senior Aquatic Scientist at Hutchison Environmental Sciences Ltd, and Rebecca Willison, Watershed Planning Technician at the Muskoka Watershed Council. You will be able to ask questions and learn about the importance of water quality monitoring, 2021 MLA Water Quality Report and what you can do to improve local water quality.
MUSKOKA LAKES ASSOCIATION WEBINAR