Muskoka’s waterfront economy creates over one billion dollars in income annually. It is necessary for the survival of local residents, as well providing substantial support to all tiers of government. The Muskoka Real Estate Market is a huge contributor to that waterfront economy.
Muskoka offers a unique respite for Greater Golden Horseshoe residents, along with celebrities and wealthy vacationers from around the world. The recent trend of telecommuting has allowed more cottage owners to live and work in Muskoka.
Close to 2,000 Muskoka lakes glitter in the sunlight and have been attracting people from around the world for hundreds of years, and indigenous people for thousands of years before that. Cottage owners and tourists bring much needed money with the summer boost in population. The permanent population is almost 67 thousand and the seasonal population is about 80 thousand, bumping the summer population up substantially.
The Muskoka market is unique due to the limited number of sales as compared to other markets, eg. the GTA, the vast variety of offerings, from small residential to multi-million dollar waterfront, and the consistent glut of buyers.
The topography of Muskoka and its waterways, and the very necessary restrictions on building, limit the number of waterfront homes that will ever be available. The buyer pool never wanes, but steadily increases.
The market may be going through a somewhat volatile period, but overall value in Muskoka remains stable. Big picture – steadily increasing prices over time, with the occasional market adjustment.
As we love to paraphrase – “they’re not making any more land”. Or lakes in the foreseeable future.
OVERALL MUSKOKA MARKET STATISTICS
As we head into the busy Muskoka summer market, we are seeing a somewhat dramatic increase in newly listed properties, as well as several properties that did not sell last fall or over the winter season. Price adjustments are once again becoming common, as sellers face the reality of a market that is becoming more balanced. We are seeing numbers that are similar to those in 2020. We expect values to even out over a five year period. Those sellers who are finding themselves in a position to sell after owning their property for a short time are going to feel the pinch. We are seeing some properties listed that were purchased at elevated prices during the pandemic. It is doubtful that they will resell at the same or similar price without having made any improvements.
The following numbers compare April 2023 with April 2022.
Overview of the current state of the Muskoka Real Estate Market:
Average price of a 2023 waterfront dwelling is $1,836,756.00 versus $2,199,562.00 in 2022, showing an adjustment of -16.5%.
Muskoka Lakes Township
Average price 2023 waterfront dwelling is $2,694,658.00 versus $3,515,088.00 in 2022, showing an adjustment of -23.3%.
Median price of 2023 waterfront dwelling is $1,749,000.00 versus $1,550,000.00 showing an adjustment of +12.8%.
Days on market this year average 25, last year average 26.
This is moving to a more balanced market.
Average price 2023 waterfront dwelling is $754,675.00.00 versus $869,250.00 in 2022, showing an adjustment of -13.2%
Median price of 2023 waterfront dwelling is $660,000.00 versus $830,500.00 showing an adjustment of -20.5%.
Days on market this year average 37, last year average 6.
Average price 2023 waterfront dwelling is $930,000.00 versus $2,524,120.00 in 2022, showing an adjustment of -63% ** (please see below for explanation)
Median price of 2023 waterfront dwelling is $930,000.00 versus $1,350,000.00 showing an adjustment of -31.1%.
Days on market this year average 22, last year average 18.
Average price 2023 waterfront dwelling is $861,000.00 versus $779,861.00 in 2022, showing an adjustment of +10.4%.
Median price of 2023 waterfront dwelling is $780,000.00 versus $260,000.00 showing an adjustment of +200%.
Days on market this year average 94, last year average 23.
Gravenhurst’s -63% is alarming until you realize that this is based on two sales only, and therefore not statistically significant.
To summarize, sale prices are down slightly overall and price adjustments are becoming more common.
Your local, experienced, competent realtor has access to individual, specific, sold listings to help you determine value as you buy and sell Muskoka real estate.
Happy Real Estating!