Sales are down, prices are falling and the peak selling season has started slowly. For the lucky few with a couple of million to spare, it’s a buyers’ market
(Source: The Toronto Star)
Luxury cottages are the ultimate in discretionary income. They are typically the first to go up in price during boom times as people splurge and the first to be discarded during a recession. Nowhere in the province are upscale cottages more evident than in the Muskokas. The region, consisting of lakes Muskoka, Rosseau and Joseph, is about a two-hour drive north of Toronto
Sales of all properties in Muskoka were down 30 per cent compared to the same time last year, with 540 properties changing hands this year compared with 774 last year, according to figures from the Muskoka and Haliburton Association of Realtors.
However, the rate of decline seems to be slowing. In the first two weeks of May, sales were off by only 15 per cent compared with last year, said Karen Flood, president of the association. And while high-end sales of more than a million dollars may be moving more slowly, more affordable cottages are attracting bids, said Flood.
Read Tony Wong’s full article “Real-estate slump hitting Muskoka’s cottage elite” in the Toronto Star (June 2, 2009).