2020 April Update – Muskoka Cottage Real Estate Market



May 7, 2020

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

Data based on the following: All Muskoka (Excludes residential, vacant land, condo and commercial properties)

Muskoka Cottage Unit Sales by Month

muskoka-residential-real-estate-unit-sales-30%

2020 April Sales – Down 33.3% YOY

April 2019 – 30 sales

April 2020 – 20 sales

2020 Jan to Apr – Down 10.8% YOY

January-April 2019 – 65 sales

January-April 2020 – 58 sales

April had 33.3% fewer sales. YTD ending April 30, down 10.8% compared to the same period last year. Keep in mind that the number of new listings for April is down 44.7% and people are expected to be staying at home.

Muskoka Cottage Unit Sales

Muskoka Cottage Average and Median Sale Price

muskoka-residential-price-increase

Average Sale Price* – $995,046

Median Sale Price* – $681,000

It’s still early for cottage buying, there are usually more sales in May than the previous four months. Next month will start to show a more complete picture of the 2020 market.

*Excludes lakes in Seguin Twsp. (District of Parry Sound)
Muskoka Average Cottage Price

Muskoka Cottage New Listings by Month

muskoka-residential-real-estate-unit-sales-30%

2020 April New Listings – Down 44.7% YOY
April 2019 – 85 sales
April 2020 – 47 sales

2020 Jan to April New Listings – Down 14.9% YOY

January-April 2019 – 228 sales
January-April 2020 – 194 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 cottage inventory typically increases substantially, so it will be interesting to see the numbers, while at the same time government starts to reduce the restrictions.

Muskoka Cottage New Listings
Data Source: The Lakelands Association of Realtors