Muskoka Real Estate Market Analysis

MUSKOKA REAL ESTATE JUNE MARKET ANALYSIS 2024

Price Sensitive Market Remains. 

By: Susan Benson, Broker | Mark Benson, REALTOR® | June 15th, 2024

Year to date sales across all segments in the Lakelands North Real Estate Board are up 13% over last year - up 15.5% in the waterfront market and 11% across the non waterfront segment.  Sellers are adjusting to increased competition and continued price sensitivity.  Meanwhile Buyers are just begining to move off the sidelines to purchase.

Pundits generally seem to agree that another Bank of Canada interest rate drop is likely in July. This will help lock in and move prices higher toward the end of the year as Royal LePage has been predicting for some time.  This, provided geo political events don't unravel.

Generally, both here in Muskoka and across Cottage Country, we are experiencing a gap between buyer and seller list price expectations with higher demand for more modest properties. Amidst correcting list prices, larger luxury lakefront cottages and non waterfront residential properties are taking longer to sell.  

So, what does this mean for Buyers and Sellers navigating the current Muskoka real estate market? 

What the Current Market Means for Sellers

As Sellers settle on a listing price strategy in 2024 there are a few June takeaways to keep in mind. 

1. As reported last month, Lakelands North Waterfront Inventory levels contine to edge higher.  Year to date June 1st active listings increased by 61.5% (to 460 properties) as compared with the same period last year. Waterfront inventory levels are at 8.6 months-an increase of 2.5 months since this time a year ago but down slightly from last month as sales begin to take hold.

2. Waterfront Unit Sales activity is up year to date by 15.5%. May saw a decline in sales as compared with the previous year and price corrections are now common. Be prepared to negotiate. 

3. Prices may be more resilient than you think!  Precision pricing across all submarkets remains essential as Buyers are very measured in their approach. Most of our current Buyers have been looking for a while, have learned from the pandemic and are not prepared to pay more than a property is worth to them. A decline in May sales as compared with May last year underscores this point. That said, the Muskoka average/median year to date price numbers have declined only moderately year to date, skewed by the lack of sales of properties prices at the luxury end of the market. For example, so far this year 1 property has sold for above $10,000,000 - as compared with 12 properties in the previous year. For those relisting with no property improvements and within 2-3 years of purchase, cost recovery remains challenging to unlikely.

LAKELANDS NORTH MEDIAN PRICE JUNE 1ST 2024

GRAPH: Muskoka Region Historical Sales by Quarter 2000-2024

Source: Muskoka Region Proprietary Research Royal LePage Lakes of Muskoka Brokerage | MLS  Jan-March 31st, 2024

What the Current Market Means for Buyers 

The 2024 market is providing more choice to Buyers in the midst of growing confidence that sale prices have stabilised and that interest rates will settle, following the June and expected July downward adjustment.  Royal LePage has been calling for price increases later in the year as increased acceptance of prices generates more volume. This means now is an ideal time to buy - interest rates have ticked downward, your fellow Buyers are only just starting to move off the side lines and Sellers are more open to pricing right and/or negotiating.

WATERFRONT HIGHLIGHTS 

  • Highest Priced 2024 Muskoka Waterfront Listing: $29,995,000. Contact us to arrange a personal tour of this 9,700 sq ft, 9 bedroom, 8 bathroom, family compound on Fawn Island, Lake Joseph.
  • Highest 2024 Sold Price in Muskoka:  $10,600,000  2189 Highway 118, on Lake Muskoka, Township of Muskoka Lakes.   

NON-WATERFRONT HIGHLIGHTS 

Non Waterfront Median Price June 1. 2024

  • Highest priced 2024 Muskoka Active: Offered at $3,488,800 at 1656 Muskoka Beach Road. Contact us to arrange your personal tour of this 6,000 sq ft, 4 bedroom, 6 bathroom, 17 acre estate in rural Bracebridge.
  • Highest Priced Muskoka Sale in 2024: Sold $2,012,500. 27 Royal Oak Cr, Huntsville. Almost 5,000 sq ft, 4 bedroom, 4 bathroom on 2 acres. 

The latest survey of Recreational Property Market experts across Canada, including Mark and Susan Benson, show a 2024 revival  read on>

Thinking about adding or changing up your Muskoka property investments? Contact us now for help with your next steps. susan@markbenson.ca

*SOURCE: As at June 1st, 2024 unless otherwise noted. Our reports are prepared using a variety of resources, including Royal LePage Canada proprietary research, The Canadian Real Estate Association MLS, The Lakelands Association of Realtors; Lakelands North (Haliburton, Muskoka, Georgian Bay, Archipelago, Parry Sound, Severn), Statistics Canada.


PROPERTY MATCHMAKER

We have some more very happy Buyers and Sellers of another lakeside cottage all thanks to the ongoing response to our property match-making efforts this year.

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

FEATURED SELLERS: WELL PRICED OPTIONS

THREE MILE LAKE TURNKEY COTTAGE

Three Mile Lake

Minutes to Diamond in the Ruff for golf and the infamous Thursday night chicken wings. Turnkey cottage with convenient, central Muskoka location. 3 bedrooms, 1 bathroom, 3 season cottage with 95' of exceptional south facing sandy beach shoreline. Dryland boathouse for all the water toys!  Know someone who should take a tour? Call now to arrange and to confirm the many inclusions with this vacation opportunity. Offered at $599,000.

Beaver Lake, Magnetawan. 1136 Lakeside Trail

1136 Lakeside Trail, Magnetawan

Some of our friends lament the densificiation of the Muskoka and Kawartha Lakes region. And while it's all relative - if you know someone who's ready to make a move to the untouched beauty of Magnetawan we have just the spot. Year round home with 3 bedrooms, 2 bathrooms;  living room, family room and walkouts from both. Generous, gently sloping lot and endless boating on 5 lake chain. Offered at $899,000. Call now for your personal tour!

South Muskoka Golf Course. 2-15 Golf Course Road, Bracebridge. 

2-15 South Muskoka Golf Course

Do you know someone who is ready to move off the lake or downsize - but is not quite ready for apartment style condo living? This completely renovated 3 bedroom 3 bathroom Townhome combines the best of both option. Carefree condo maintenance, situated on the 12th fairway of the South Muskoka Golf Course with your own outdoor walkout space. Offered at $699,000. Call now to arrange your personal tour.

FEATURED BUYERS

Muskoka Cottage: Family seeking to upgrade to Lake Rosseau, Joseph or Muskoka. Open view a must.

Muskoka Home: Retired couple with Lake of Bays cottage seeking home base in Bracebridge close to amenities.  Bungalow with main floor bedroom and existing/option for inlaw suite preferred.

Why sell with Mark and Susan? 

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

3 NEW MORTGAGE SCENARIOS....Mortgage Tips in a Changing Market read on> 


FEATURED CLIENT QUESTIONS

This month our featured suggestion from friends, family and our real estate network is What are My Property Income Options?  What's new at the Muskoka Discovery Centre - Everyone seems to be Talking about it? You may also check out answers to previous questions.... How does AI help me with my Real Estate Transaction?  Have a question for us - simply send us an email or call us and we will feature it in an upcoming blog! 

FEATURED EVENTS

Stay tuned as we regularly update not to be missed upcoming events  including the Windermere Strawberry Social, Muskoka Men of Song ....and more.  (read on>).

℗ ⓒ Copyright SymbolCopyright Mark Benson and Susan Benson 2024