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Buying a Getaway in Ontario’s Cottage Hot Spots

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Buying a Getaway in Ontario’s Cottage Hot Spots

Date: 05/27/2016
Here are a few interesting insights from the article:
  • Ontario resort areas are feeling the effects of the GTA’s hyper-heated real estate market. From Prince Edward County to Collingwood, picturesque landscapes are being dotted by high prices and multiple offers.
  • The lust for luxury, a tradition in Muskoka, is migrating to sleepy, lower-priced areas such as the Kawartha Lakes.
  • Sales are up, but listings are down significantly.
  • In the Kawartha Lakelands (including Lindsay, Bobcaygeon, and Fenelon Falls) the average home sale price for April was $312,765. The difference in average selling price compared to April 2015 was 17 per cent (Canadian Real Estate Association).
  • Gail McCormack barely recognizes long-familiar lakefront homes from the previous autumn when she takes her pontoon boat out in the spring. New owners have built lovely year-round homes that would be near or over $1 million if they were to go on the market.
  • People who have recently bought properties are either tearing down the existing structures or taking on major renovations.
  • Although 2015 was a good year, McCormack anticipates that 2016 will be even better for the real estate market in the Kawartha Lakes.
  • There have been some demographic shifts, too. A couple of years ago, buyers were mature couples at or near retirement. Their kids were going off to university. Now, the buyers are younger professionals.
  • Younger purchasers have inherited money, or they have bought a second home secure in the knowledge that their city residence is worth a considerable sum.
  • When members of this younger demographic purchase a rural property, they want a rural setting. They don’t want to spend weekends mowing the grass.
  • Increasingly, people are buying places to live in year-round. Lindsay, Bobcaygeon, and Fenelon Falls offer social opportunities, activities, and diverse services.
  • With the expanded road network, including Highway 407 opening this spring, it will be easier to zip up to the Kawartha Lakes
  • McCormack pointed out there are a variety of ways to get to the Kawartha Lakes, including scenic country roads.
  • Most buyers put a two-hour time frame on their travel to cottage country.
  • Spending less than $1 million isn’t an option if you want to own a piece of waterfront in Muskoka – especially on the big lakes of Joseph, Rosseau, and Muskoka.
Here’s the link to the Toronto Star article of May 23, 2016:

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