2020 April Update – Muskoka Cottage Real Estate Market
The Muskoka real estate market has certainly slowed down since March 17th. As an essential service, there’s still minimal activity, but under the direction of the Ontario Real Estate Association (OREA) we are to cease face-to-face showings and open houses. There’s also strong support for people to stay home and not travel to cottage country. I can’t say that I necessarily agree when it comes to cottagers, but that’s a topic for another day.
The first four months of 2020 are not meaningful as the amount of cottage sale are few and the start of the cottage buying season doesn’t typically pick-up till May and June. This data will start to paint a picture as I continue to bring the latest statistics monthly.
The Muskoka cottage market is very similar between 2019 and 2020 for the reasons mentioned above. The unit sales for April are down 33.3% YOY. April 2019 – 30 sales, April 2020 – 20 sales. Overall sales are down 10.8% for January to April, compared to the same period in 2019.
The number of new listings are down 44.7%. April 2019 – 85 sales, April 2020 – 47 sales. With fewer new listings and the expectation that people should remain in their homes, it’s no wonder unit sales are down 33.3% for April. May is the month when most cottage properties come to market, so it will be interesting to see the numbers, while at the same time government starts to reduce the restrictions.
If you would like more information, don’t hesitate to reach out anytime.
John Aben, Broker — john@abenteam.com or call 705-788-4770.
Mark Aben, Broker — mark@abenteam.com or call 705-788-4388