Aug 20 | Posted by Barry Cohen

Like the summer temperatures the real estate market in the GTA is hot.  It seems that every month new records are being set in one category or another and prices keep going up.  It used to be that the summer months were slower as people enjoyed the weather and got out of town on holidays, but not any more.  Properties in every category, especially the highly-coveted single-family detached homes, are selling for record prices in just a couple of weeks, sometimes even less with multiple offers.

For those looking to get away from it all and spend their weekends and holidays in cottage country the story is much the same.  Prices in and around the Muskoka area have risen sharply and there is a big demand for what is available.  If you are looking to buy a getaway property on one of the three most popular lakes in that area namely Lake Joseph, Lake Rosseau or Lake Muskoka you better be prepared for 7 figure prices.

It all boils down to supply and demand and with a limited inventory of cottages on the market you need to have a big wallet and be quick to make a move.  What’s a cottage without waterfront?  Whether you waterski, jet ski, canoe, fish, swim or just enjoy the view while listening to the loons – there is only so much waterfront and therefore it is at a premium.

Residents of the GTA and surrounding areas have a new competition for recreational properties this summer as many US citizens are scouting out properties north of their border.  With the Loonie hovering in the 70-cent zone, many Americans are finding that luxury waterfront properties are a real bargain in Canada.  They can bid on properties that are listed for a million and only spend $800,000 of their money, so who can blame them for investing in Canada.

The variety of properties in cottage country runs the gamut from rustic log cabins with acreage deep in the bush with no electricity or running water and consequently no neighbours to multi-storey modern designs in built up community type areas with all the conveniences of home – literally something for everyone.  Whatever you dream of in a summer home you can find it in the area, however, don’t think that a lack of services like hydro and water will equate to a lower price !  There is a property that fits this description available as I write with a price tag of $1 million.

If you have been thinking of investing in a recreational property now is the time to take action.  Many cottage owners delay putting their property on the market until they have enjoyed one more summer there; as a result we should see some prime listings appear on the market in the near future.  I would be happy to assist you to find the ideal getaway – give me a call today.