continues: a low supply and cooling of buyer demand equals fewer transactions. But that doesn’t mean that the price of cottage country real estate has dropped drastically .
Last month, the median price for non-waterfront properties hit $603,000, up 11% from June of 2021. Furthermore, the year-to-date median price was $650,000, a sizeable 15% increase from the first seven months in 2021. When it comes to waterfront properties , the median price for waterfront properties was $825,000 in July, down 7.3% from July 2021. In the first seven months of the year, the median price of a waterfront property in the Lakelands Region was $995,000 — a 6.9% increase from the first seven months of 2021. The total dollar value of all non-waterfront sales totaled $62,647,737 in July of 2022, a 15% decline from the previous year.
For those looking to purchase a piece of Ontario’s cottage country, while the competition has decreased, so has the available inventory to chose from. And what’s left will still cost a pretty penny.