Demand Continues to Challenge Supply in Muskoka’s Fall Real Estate Scene
As autumn digs its heels into the sandy shores of Muskoka, supply and demand continue to face-off — albeit, with a minor slowdown that’s slightly reminiscent of pre-pandemic days.
According to new data from the Canadian Real Estate Association (CREA), residential non-waterfront sales activity recorded through the MLS System for the Lakelands region reached 314 units in October, marking a 24.7% decrease from the same month last year.
Waterfront sales, meanwhile, totalled 175 units last month, a count that’s down 33% year-over-year.
For both property types, a decline in sales shows a classic seasonal calming of market activity that, last year, was nowhere to be seen.
Where year-to-date data is concerned, residential non-waterfront sales hit a total of 3,253 units over 2021’s first 10 months, increasing 6.6% from the same period last year. The same metric for waterfront sales hit 2,138 units between January’s start and October’s end, dropping — believe it or not — 6.6% year-over-year.
As for home values, last month’s median price for residential non-waterfront property sales was up 32.8% year-over-year, reaching $615,000. Waterfront property sales saw their median price rise 20.4% to $855,000.
For non-waterfront sales, the more comprehensive year-to-date median price soared 33.2% from the same period last year, reaching $576,000. And, for waterfront properties, the same metric climbed 33.3% to land at $865,000.
“The latest year-to-date 2021 CREA October results continue to reinforce previous 2021 monthly trends, with increased dollar volume attributed to fewer transactions at higher ‘final sales vs. list price’ levels,” says Ross Halloran — Broker and Senior VP sales at Halloran & Associates of Sotheby’s International Realty Canada. “Now more than ever, supply and demand fundamentals still hold true for recreational and waterfront real estate.”
Total dollar values reached $220,791,603 and $203,664,452 for non-waterfront and waterfront properties, climbing 1.1% and declining 23.8% respectively, year-over-year.
The MLS Home Price Index (HIP) — which tracks price trends more accurately than can be done using average or median price measures — recorded the Lakelands’ single-family benchmark price to be $629,400 last month. This total rests 28.4% higher than the benchmark recorded in October of 2020.
“As they say,” Halloran added, “God isn’t making any more waterfront property.”
Cover Image: Hannu Keski-Hakuni/Unsplash