What’s Behind the Rising Demand for Muskoka Cottages?
Blog by Susan Brown | August 1st, 2014
It hasn’t been an easy time for everyone since the global economic slowdown struck in 2008. However, it looks like many of us are moving past that, if the growth in sales of cottages and recreational homes is anything to go by. In fact, the Canadian housing market has continued to grow, with the housing boom becoming particularly evident in major cities such as Toronto, which translates into promising gains for nearby areas.
As properties in urban areas gain more equity, homeowners are taking advantage of it and using it to finance their purchases of recreational homes. The thriving real estate market in the GTA has been driving real estate in the Muskoka region along this path.
In addition, the leap in property values in the city is also a major factor in the increasing values of properties in neighboring areas. For example, interested homebuyers can expect to shell out anywhere from $400,000 to more than $7 million if they’re in the market for high-end, waterfront homes, although more affordable options are available.
Interestingly, while most people would assume that retirees make up the bulk of buyers interested in living in Muskoka, recent trends show that the average property buyer here is actually in their mid-30s to mid-40s.
It certainly doesn’t look as though cottage buying in Muskoka is set to abate any time soon. Known for its relaxed vibe, the region remains an attractive place to go to for a quick getaway from the city, so it’s no wonder that people continue to look to the cottage country for their second homes. Muskoka generally attracts a lot of visitors during the summer months, when there are numerous outdoor activities to enjoy, but it’s a great place to visit most other times of the year as well. Browse the site to explore what the Huntsville and Lake of Bays area has to offer and contact me anytime for more information.