Property prices in Ontario’s Lakelands region seeing a surge
If you’ve ever thought about buying a property in Muskoka – either recreational or permanent residence – this may be your time.
Despite the pandemic, property prices in the Lakelands region (Muskoka, Haliburton, Orillia and Parry Sound) are seeing a surge.
Muskoka, always a much sought-after hot spot, saw non-waterfront property prices jump 8.3 per cent in May 20 to $420,868, from $388,750 in May 2019. Waterfront properties rose 3.9 per cent to $727,500 from $700,500 over the same period.
“The pandemic has helped people realize that now is the time to make the move,” Catharine Inniss, broker at Johnston & Daniel Rushbrooke Realty, and president of the Lakeland Association of Realtors, told Active Life. “Employers have realized that telecommuting works beautifully, so people can now live here year-round and work remotely.”
Vacation properties such as cottages, mind you, are often among the first to be hit in the event of a market downtown. But this is where supply and demand comes into play.
“There are a limited number of properties here, and this area is world famous for good reason,” says Inniss.
Muskoka and other parts of the Lakeland region are also seeing developers come in with new home options.