As the year draws to a close and interest rates continue to weigh heavily on purchasing power, the real estate market is quieting down in Muskoka. Year-over-year, waterfront sales were off 39.6% in November, while non-waterfront sales were down 34.4%, according to the latestStill, a local realtor is anticipating a strong 2023 for Ontario’s cottage country.
“We never quite fulfilled the buyer demand that had accumulated during the pandemic, between 2020 and 2021,” says Halloran. “What I’m predicting is that the pent-up buyer demand is still out there and that there are sellers now who are waiting in the wings to list. I think you’re gonna see more inventory in the spring, probably when the ice clears off the lakes, typically around the middle of April. I think there will be quite a strong market up until about mid-June.
While Halloran expects no shortage of demand for Muskoka’s limited share of waterfront properties, he also anticipates certain trends to characterize the year, many of which will bleed into the new year from 2022. And as for who prospective buyers might be, Halloran forecasts “a real market dominance by millennials.”