Records Broken Yet Again in Muskoka’s February Real Estate Scene
While February was frigid in northern Ontario, the Muskoka region real estate market was — yet again — on fire.
According to the Canadian Real Estate Association (CREA), residential non-waterfront sales activity recorded through the MLS system totalled 242 units last month in Muskoka.
This marks a 30.8% increase from the same month last year, and sets a new sales record for February.
Meanwhile, there were 102 waterfront property sales recorded through February 2021… a marked increase of 88.9% year-over-year, and — you guessed it — this total sets a new sales record for the month.
Where year-to-date data is concerned, residential waterfront sales are up 12.8% so far this year over last year, with a total of 388 units changing hands in the first two months of 2021. Waterfront sales have increased even more — 95.7% — with 180 units sold to date this year.
“Sales of non-waterfront residential and waterfront properties both set new records for the month of February as the breakneck pace of demand continues into 2021,” said Chuck Murney, President of the Lakelands Association of Realtors.
“It’s the same story as the past several months only more so – inventories are down to record lows, homes are spending the least amount of time on market before selling in history, and competition among buyers is driving prices to fresh record levels.”
According to the MLS Home Price Index — which tracks price trends far more accurately than is possible using average or median price measures — the overall MLS HPI single-family benchmark price was $505,300. This marks an uptick of 38.2% from last February’s amount.
Median prices for non-waterfront and waterfront property sales last month were $590,500 and $837,500 respectively. The former shows a significant gain of 50.3% year-over-year, while the latter boasts a 67.5% increase.
Another record is set when total dollar values are considered: residential non-waterfront sales saw $154.6 million come in through February 2021, marking an 87.8% jump from February 2020.
Waterfront sales, meanwhile, amounted to $107.2 million, more than doubling the levels from a year prior (read: that’s an increase of 199.4%).
According to CREA, the dollar volume of waterfront homes sold hasn’t been this high during February in more than 20 years.
But really, when cottage country property-owners have got what literally everybody wants, how could we possibly be surprised that the records keep on rolling in? Muskoka region has been seeing its “tightest market conditions in history,” after all.