Bill Petro pumps water from around his house on the swollen Muskoka River in Bracebridge Ont., on April 28, 2019.Real estate sales in cottage country north of Toronto are off to a slow start this spring as rain, flooding and cool temperatures keep sellers and buyers out of the market.
The town of Bracebridge bore the brunt of the flooding, Mr. Crammond says, but water levels on the surrounding lakes were also higher than normal. Many cottage docks stood under two or three feet of water. “Everyone’s just saturated, literally,” she says. “You’re lucky to get a walk in – never mind get to the cottage.”
A survey by Re/Max found that millennial buyers are taking over from baby boomers as buyers in the recreational property market. According to the real estate firm, 56 per cent of millennials surveyed say they are considering purchasing a vacation home. Mr. Crammond says some sellers prefer to list high and reduce if necessary, but he advises owners to keep asking prices within 5 per cent or 6 per cent of the amount he thinks the cottage will sell for.
She says the performance of the economy, the stock market and the real estate market in Toronto all affect the mindset of the buyers.
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