Cool and wet weather in early spring caused recreational home sales in Ontario to struggle at the beginning of the season, but momentum has picked up, according to Remax’s 2013 Recreational Property Report.
Although only one third of Ontario markets are reporting sales on par or ahead of last year’s numbers, demand for cottages has climbed since May. Because of the healthy rise, the year-over-year gap is expected to close in the vast majority of centres.
The market is stable and a buyer’s market is still largely in place due to an abundance of homes for sale in all price ranges.
Currently, 80 per cent of recreational markets in the province are reporting price drops or prices holding firm year-over-year. Some areas have witnessed a moderate growth in starting prices from 2012 including Innisfil, Oro, and areas in Muskoka, including Bracebridge, Gravenhurst, Bala and Port Carling.
The report also suggests that purchasers are continuing to take their time as they wait to find the perfect property.
Photo: Samantha Martin