The cottage market in Ontario is on fire even in January amidst a pandemic!

If you are a cottage owner and are considering selling, now just might be the time! Interest from buyers and prices is pretty well out of sight.

Some personal stories from Muskoka REALTOR® Rick Wearing:

I am working with buyers from the GTA looking to buy a cottage. In addition to looking at many properties online and watching the sale outcomes, they have personally visited four properties and made two offers.

The first cottage property they visited and offered on was in Minden in November. That property received multiple showings & multiple offers and Sold unconditional for $109,000 over the list price of $449,000. The cottage was on the market for 3 days. In this case, because it was the first offer made by the buyers, their offer was conditional on financing and inspection.

Two cottage properties of interest were listed in December in the Parry Sound area. The buyers viewed both of the properties but decided not to offer on either. Once again, many showings and offers:

  • Cottage #1 Sold unconditional for $101,000 over the list of $549,000 in 6 days.
  • Cottage #2 Sold for $100,000 over the list price of $550,000 conditional on financing in 16 days.

The real jaw-dropper was this past weekend.

A cottage just south of Parry Sound was listed for sale. The buyers and I viewed the property on Friday, and they made an offer on Sunday by the 1:00 pm deadline. According to the listing REALTOR®, there were approximately 100 showings and 22 offers. My buyers knew at this time that to be competitive they had to make an unconditional offer which they did. The ultimate outcome was an unconditional offer of a whopping $275,975.00 over the list price of $599,900. This property was on the market for 6 days. The moral of this short real estate story is that if you are buying a cottage property in Ontario at this time, the competition is fierce, and prices are high! If you are selling a cottage in Ontario, you are likely going to receive many showings, multiple offers and a historically high sale price!

The market is beyond hot. If you are thinking of selling homes are receiving multiple offers and selling at historically high prices. List your Muskoka home today with Wearing & Parrott.

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