This market insight is dedicated to buyers…
Demand is still outweighing supply on SOME PROPERTIES as we’re still seeing offer presentations with upwards of 10 offers. With that being said, there are alot of new listings coming up compared to this time last year. I can feel a shift in this market and recommend that buyers should not be discouraged. I get it, it’s frustrating when things are out of your control, especially in blind bidding situations. My suggestion for buyers, is to start looking at properties that have been sitting on the market for an extended period of time, yes, they are out there! Leverage the longer days on market and lack of interest to your advantage. Appreciate that you can put a condition in your offer and possibly negotiate on price. At the end of the day your sanity is worth everything, trust me when I say that there are ways around this market, you just need to be persistent, creative and patient, having representation that supports you and thinks outside of the box is crucial. There is enough to go around for everyone.
To be noted:
-Off-water prices see the highest year over year increase as people either migrate into residential homes with close to town conveniences and municipal services or to expansive properties far away from neighbours, securing them acreage that’s less likely to be found on the water.
-2 months of inventory in Muskoka & Parry Sound, indicates we are still in a seller’s market (balanced market is 4-6 MOI).
-Nationally, the largest y-o-y gains– above 35% range – were recorded in the Lakelands region of Ontario cottage country, Tillsonburg District and Woodstock-Ingersoll.