I just returned from my Dacha and immediately wanted to write about rural real estate in Ontario...
So, if you have ever considered entering the cottage market in Ontario, now might be the right time to do so, as prices in some areas have significantly decreased over the last year.
According to the latest report from RE/MAX real estate agency, average prices for this type of property have seriously dropped (up to 28.7 percent) in most areas of the province during the first few months of the year. This includes the beloved Muskoka in Ontario, which is down 5% compared to last year.
Georgian Bay, Honey Harbour, and Port Severn showed the most significant decrease, dropping below the million-dollar mark. $906,967 — less than a home in the GTA, which now costs on average $1,121,615.
On the other end of the price spectrum are prices in Peterborough and Kawarthas. There, they have skyrocketed by an incredible 93.1 percent over the same period of time... Paradoxes :-)
These figures come amid a lot of talk that owners of rural homes in Ontario may start actively selling their property to avoid the increase in the capital gains tax, which is just around the corner (June 25, 2024).
Overall, the opinion of realtors working in the rural real estate market (including my own) boils down to the fact that prices will rise in all cottage regions by September 2024. The only exception is Simcoe County, where prices will remain at the current level due to the current interest rate, meaning no increase compared to current prices...
So, friends, if you plan to buy a little country house - contact me. I will certainly help. :-)